Memphis Self-Storage Site Sells for $3.7M

Texas-based TP Getwell Self Storage Ltd. has bought two self-storage facilities at 2700 Getwell Road and 2706 Getwell Road in Memphis from Getwell Self Storage LLC for $3.7 million. The buyer financed the purchase with a $2.8 million trust deed through Texas Capital Bank NA.

Texas-based TP Getwell Self Storage Ltd. has bought two self-storage facilities at 2700 Getwell Road and 2706 Getwell Road  in Memphis from Getwell Self Storage LLC for $3.7 million. The buyer financed the purchase with a $2.8 million trust deed through Texas Capital Bank NA.

The Shelby County Assessor of Propertys appraised the 12-acre site at $2.5 million in 2007.

The property, which is on the southeast corner of American Way and Getwell Road, includes a 127,008-square-foot structure built in 1974 and two smaller buildings that were added in 1998 and 2007. Part of the site was a boarded-up former Kmart and Kroger complex. Permits to demolish that space were pulled in 1997.

The facility has been operated by Addison, Texas-based Watson & Taylor Management Inc., but the source did not say if this contract ended with the sale.

Sources:

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