Highway 58 Self Storage Is Sold

  • Tuesday, September 13, 2022

 Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of Highway 58 Self Storage, a 23,720-square-foot self-storage facility. 

Gabriel Coe, Brett R. Hatcher and Nathan Coe, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was secured and represented by Gabriel Coe, Brett R. Hatcher, and Nathan Coe.

Jody McKibben, Tennessee Broker of Record, assisted in closing this transaction.

Gabriel Coe said, "We sold this to a private out of state buyer. The sellers were able to maximize value and the buyers were able to expand on their Tennessee portfolio and also take advantage of the high occupancy and ability to raise rents at the property."

Chattanooga Highway 58 Self Storage features 16 climate-controlled units, 147 non-climate-controlled units, and four office spaces totaling 23,720 net rentable square feet. They also offer 10 outdoor uncovered parking spaces for rent.

The facility has been able to maintain strong historical occupancy rates and is currently 94 percent physically occupied, officials said.

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