Public Storage purchased a portfolio of four self storage facilities operated as Jepco Storage in Chattanooga, TN for an undisclosed amount. The facilities, the first of which started operation 44 years ago, span 392,000 square feet and include 2,800 storage units.
“They wanted it bad, and I let them have it,” owner Joe Proctor told the Times Free Press.
Proctor had received a number of offers over the years but said Public Storage’s was a “just a great offer.” Proctor said he received a $500,000 non-refundable deposit for the sale.
The deal will double Public Storage’s footprint in the area.