NASHVILLE, Tenn., June 16, 2016 — SpaceMax Storage, an entity of commercial real estate firm Childress Klein, has purchased for $5 million a 38,690-square-foot building in East Nashville that formerly housed a Walmart Neighborhood Market. The building at 1216 Gallatin Avenue sits on 4.46 acres.
Southeast Venture brokered the deal on behalf of both the buyer and the seller, with Broker JC Darby representing the buyer, Childress Klein, and Broker John Cavin representing the seller, Walmart Real Estate Business Trust.
Childress Klein plans to convert the building into a climate-controlled SpaceMax Storage facility. In addition to the renovation, Childress Klein will add more than 15,000-squarefeet of Class-A retail space to the site. Wal-Mart stipulated that the building not be sold to a potential competitor, such as a grocery store or big box retailer, so these uses for the space are precluded.
“We are very much looking forward to our first SpaceMax Storage in Nashville,” said Chris Poholek, Partner at Childress Klein. “The East Nashville neighborhood is booming, so it was a top choice for our new location. We are excited to join the neighborhood as not only business owners, but as neighbors and to take part in all that East Nashville has to offer.”
Based in Atlanta, and rapidly growing, SpaceMax offers modern, high-security storage solutions in state-of-the-art facilities that integrate seamlessly into the surrounding community. Each SpaceMax facility features sleek interiors, over 70 around-the-clock cameras, ample lighting and climate-controlled temperatures.
“When studying the site, we realized that, since there is a minimum parking requirement for the storage component, another commercial use was possible. We believe that delivering Class-A newly-developed retail on the street level with high parking ratios is a great complement to the project. This is non-existent in present day East Nashville and will be a welcome amenity,” said Darby.
The property was sold through an aggressive call for offers with multiple bids representing all facets of commercial real estate received. Childress Klein presented the top offer and was ultimately awarded the contract.
About Childress Klein
Childress Klein is a full service real estate company operating in the southeastern United States since 1978. The partners of Childress Klein have been responsible for the development, leasing and management of more than 42 million square feet of office, industrial, retail, multifamily, and self storage properties throughout Virginia, Tennessee, North and South Carolina, Georgia and Florida. The company's primary offices are located in Charlotte and Atlanta.
As one of the largest real estate firms in the Southeast, Childress Klein is experienced in the development, management and leasing of a wide variety of product types. The company’s office developments include suburban office parks, one million+ square foot high-rise office towers, and corporate campuses. Industrial experience ranges from small flex buildings to multi-million square foot distribution parks. Retail properties include community centers, large-scale lifestyle centers and mixed-use developments. Childress Klein serves residential markets with products including luxury garden and high-rise apartments as well as multi-level self-storage facilities.
With a team of nearly 300 professionals, a portfolio exceeding 30 million square feet and real estate assets valued in excess of $1 billion, Childress Klein has the expertise and resources to undertake any project. For more information, please visit www.childressklein.com.
About Southeast Venture
Founded in 1981, Southeast Venture is a diversified commercial real estate and design services company guided by a mission of “Building Value by Valuing Relationships.” The firm provides and coordinates the delivery of brokerage, development, architectural and interior design and property management. This unique, comprehensive approach to commercial real estate offers a cost effective and efficient way of meeting its clients’ commercial real estate needs. For more information, visit SoutheastVenture.com, or find Southeast Venture on Twitter @SEVentureCRE.