Proffitt Dixon Partners Buys Nashville Storage for $16M

HFF represented the seller, Provident Realty Advisors, in the deal, and arranged acquisition financing on behalf of the buyer.
Charlotte Spike Storage. Image courtesy of Yardi Matrix

Proffitt Dixon Partners has acquired Charlotte Pike Storage, an 88,175-square-foot facility in Nashville, for $16.1 million, according to Davidson County records. HFF represented the seller, Provident Realty Advisors, in the transaction. In addition to this, HFF secured $11.1 million acquisition financing on behalf of the buyer, through Texas Capital Bank, according to public records. Public Storage will be the manager of the storage asset.

Located at 512 26th Ave. N., Charlotte Pike Storage is alongside Freeway 70 and near the intersection of interstates 40 and 440. The facility is surrounded by residential neighborhoods, such as West End, Belle Meade and Sylvan Park. Around 104,575 people live within a 3-mile radius, with an average annual household income of roughly $94,300. Additionally, the storage is situated merely 2 miles from downtown Nashville.

The single-building facility was completed in October 2018 and encompasses 952 climate-controlled units, ranging from 25 to 300 square feet. The storage asset is gated and features security cameras and parking spaces. Other services provided include 24-hour access and on-site management, according to data provided by Yardi Matrix.

HFF’s brokerage team included Managing Director Barbara Guffey and Senior Managing Director Jason Nettles, while the debt placement team consisted of Managing Director Brent Bowman and Managing Director Travis Anderson.  

In April, Proffitt Dixon Partners opened a self storage property in Thunderbolt, Ga., roughly 4 miles from downtown Savannah.