Platinum Storage to Develop Facility in TN
- Feb 16, 2018
Platinum Storage Group has received approval to develop Brentwood Self Storage, an 828-unit, Class A storage facility in Brentwood, Tenn. Construction is expected to commence in March 2018.
Located at 675 Old Hickory Blvd., the asset is just off Interstate 65, within 15 minutes of downtown Nashville. The new self-storage development will occupy 2.8 acres and will comprise a total of 120,000 square feet. Characteristics of the asset include climate-controlled units, 24/7 surveillance, automatic door locks, individually alarmed units and electronic secured floor access.
“The Brentwood market boasts ideal self-storage fundamentals and aligns with our strategy of adding properties to our portfolio in areas that we want to be in for the long run,” said Daniel Elefante, chief executive officer of Platinum Storage, in prepared remarks. “There has been very little supply added to the area since 2007, so we are poised to make a strong entrance to the market. In addition to the lack of supply, the market has a low vacancy rate and commands strong rents, both factors that align with our strict investment criteria.”
Over the last decade, the self-storage industry has experienced a coming of age, according to Newmark Knight Frank’s Self-Storage Group. Aaron Swerdin, vice chairman of the company has recently provided insights on the growing self-storage industry to CPE.
Rendering courtesy of Platinum Storage Group