Wasatch Storage Partners Sells Nashville-Area Portfolio
- Sep 23, 2020
Reliant Real Estate Management has completed the acquisition of a two-property self storage portfolio encompassing 1,200 units in Murfreesboro, Tenn. Wasatch Storage Partners sold the facilities for $14.8 million, according to Rutherford County records. The new owner financed the purchase with a $12 million loan from National Western Life Insurance Co.
The larger of the two assets is Salem Glen Self Storage, a 662-unit property spanning 88,918 square feet at 3450 Glenside Court. The facility opened its doors in 2005, with an additional phase completed in 2017. The store provides 177 climate-controlled and 485 non-climate-controlled units with drive-up access.
The second facility is a CubeSmart-managed property totaling 538 units spread across 50,183 square feet. The location encompasses seven buildings completed in 2017. This past spring, the seller added 57 RV parking spaces to the 244 climate-controlled and 237 non-climate-controlled units with drive-up access.
Situated within 1 mile of each other, the facilities are within 36 miles southeast of downtown Nashville. Additionally, there are at least four other self storage properties totaling 360,450 square feet within a 3-mile radius.
The JLL Capital Markets team which assisted the seller included Managing Directors Steve Mellon and Brian Somoza and Executive Vice President Bo Fulk. In July, Somoza and Mellon assisted SurePoint Self Storage in the disposition of a 1,692-unit portfolio encompassing 258,000 square feet in the Kansas City metro.