A key Germantown parcel has sold for about $4.45 million, with a self storage facility being eyed for the site.
With an address of 1138 Second Ave. N., the 1.42-acre site is home to a 13,000-square-foot office building from which Ovation most recently operated and that was once home to masonry business WASCO. It includes a 10,000-square-foot warehouse.
The sale is the equivalent of about $72 per foot.
The seller was Nashville-based entrepreneur Clay Sifford, who bought the property in December 2013 for about $1.19 million.
Memphis-based Premier Storage Investors LLC is the buyer and noted in an email message it will redevelop the property with a “first-class, climate-controlled, self storage facility.”
The company has not said when demolition or construction might start.
The property (see here courtesy of Google Maps) sits adjacent to multiple sites on which large-scale buildings (many of them mixed-use) have been built, are under construction or are planned. It is two blocks west of the Cumberland River.
Bart Johnston, with Colliers International | Nashville, represented Sifford.
“This is a key parcel given it provides a buffer between the industrial property on Germantown’s eastern fringe and the mixed-use projects the area is seeing to the west and northwest,” Johnston said.