Premier Storage Investors LLC, a self storage real estate investment and development company, recently acquired more than 6.5 acres of land in Nashville, Tenn., on which it intends to build self storage. The properties were purchased in two transactions for a total of $2.3 million, according to the source.
The company most recently paid $1.1 million for three parcels totaling 5.53 acres at 6350 Nolensville Pike near Brentwood, a Nashville suburb. Council member Fabian Bedne told the source he planned to hold a community meeting to gauge homeowners’ thoughts on possible self storage development.
Premier has already received city approval to develop self storage on just over an acre at 4326 Kenilwood Drive. The company purchased the property for $1.2 million and intends to build a three-story facility comprising 88,800 square feet. Construction is scheduled to begin this summer, with project completion expected next spring, according to the source.
The two facilities will be Premier’s first self storage locations in the Nashville area.
Launched in January 2014, Premier has offices in Los Angeles and Memphis, Tenn. The company specializes in self storage acquisitions and development within the top 40 U.S. Metropolitan Statistical Areas. It acquired its first self storage asset, Broadway Self Storage in Holbrook, N.Y., nearly two years ago.