Marcus & Millichap, a commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced on Tuesday the sale of All City Self Storage, a 441-unit self-storage property located in Soddy Daisy, in the Chattanooga MSA.
“This deal was sold to a private out-of-state buyer in a very competitive process,” said Gabriel Coe, senior managing director of investments. “The buyer has a strong market presence throughout the area, so they will benefit from strong economies of scale in the market.
They will also benefit from the strong existing cash flow at the property and the ability to increase occupancy and rental rates.”
Gabriel Coe, Nathan Coe and Brett Hatcher, 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. Jody McKibben, Broker of Record in Tennessee, assisted in closing the transaction.
All City Self Storage is at 296 Walmart Drive just 16 miles north of Chattanooga. The 56,979-square-foot storage space consists of 133 climate-controlled units and 283 non-climate-controlled units. Built in 1999, the property is situated on 29.93 acres with room for an additional 15,000-square-foot expansion.