Sponsored By

Papermill Self Storage in Tennessee Sells for $2M

Papermill Self Storage, a 55,067-square foot self-storage facility in Knoxville, Tenn., sold for just over $2 million.

May 27, 2010

1 Min Read
Papermill Self Storage in Tennessee Sells for $2M

Papermill Self Storage, a 55,067-square foot self-storage facility in Knoxville, Tenn., sold for just over $2 million. Marcus & Millichap Real Estate Investment Services, a nationwide firm specializing in commercial real estate investment services, brokered the sale.

Michael A. Mele, vice president investments in Marcus & Millichap’s Tampa, Fla., office, along with Anne Williams, investment specialist in the firm’s Memphis, Tenn., office, had the exclusive listing to market the property on behalf of the Texas-based seller, a bank/financial institution. The buyer, a limited-liability company in Mississippi, was also represented by Mele and Williams. 

“This sale is one of the first of what will be a wave of real estate owned sales in self-storage,” Mele said. “We will see many more deals like this one over the next two years, as financial institutions look to clear their inventory of self-storage properties.”

Papermill Self Storage is located at 3980 Papermill Road.  The facility was built in 2004, expanded in 2007 and maintains 70 percent physical occupancy. 

Related Articles:

Carolina Self Storage Sells Bellingham Property for $2.2M

Marcus & Millichap Agents Sell Highway 79 Super Storage in Temecula, CA

Buying or Selling Self-Storage Property: Should You Hire a Broker?

Self-Storage Talk: Real Estate Listings and Investment Opportunities

Subscribe to Our Weekly Newsletter
ISS is the most comprehensive source for self-storage news, feature stories, videos and more.

You May Also Like