EquiCap Brokers Sale of TN Storage Facility
- Oct 26, 2018
EquiCap Commercial has arranged the sale of Storage Works, a 42,450-net-rentable-square-foot facility in Soddy Daisy, Tenn. The brokerage firm worked together with Marcus & Millichap’s Tennessee-based self-storage broker. The property traded in an off-market transaction to a 1031 exchange buyer. The transaction also included one acre of vacant land which provides the opportunity for expansion.
Located at 8701 Dayton Pike, the storage property is near Freeway 27, around 15 miles from downtown Chattanooga, and is exposed to more than 8,400 cars per day. In addition, the facility is situated near apartment communities, such as the 80-unit Vista Ridge and 69-unit Blackberry Creek. Built in 2008, Storage Works occupies 4.7-acres and comprises units ranging from 100 to 300 square feet, Yardi Matrix data shows. Other characteristics of the storage asset include security cameras, climate control and on-site management.
EquiCap Commercial’s Jesse Luke arranged the transaction. Earlier this year, the firm also brokered the sale of Merrillville Storage in Merrillville, Ind.
Image courtesy of Yardi Matrix