Absolute Storage Management (ASM), a self storage owner and property-management firm, has purchased two Madison, Ala., facilities in a joint venture with an affiliate of The Natchez Group, a self storage developer. Balch Road Self Storage at 325 Balch Road and Madison Boulevard Mini Storage at 9091 Madison Blvd. comprise 83,000 square feet of storage space. ASM plans to upgrade the offices and security systems at each facility, according to a company press release.
The acquisition was financed by Simmons Bank and brokered by Trey Kirby, vice president of NAI Nashville, a division of commercial real estate firm NAI Global.
“Madison is a thriving market, and these assets are both located on well-traveled roads through town,” said Michael Haugh, president of ASM.
Founded in 2002, ASM manages 88 self storage facilities, 16 of which are owned and operated in joint ventures with the company. Headquartered in Memphis, Tenn., it has regional offices in Atlanta; Charlotte, N.C.; Jackson, Miss.; and Nashville, Tenn.
Based in Nashville, The Natchez Group was founded in 2013 by local real estate investor Taylor Preston. It has storage projects under development in Tennessee, including a six-story, mixed-use development in Germantown, and an eight-story facility in the SoBro neighborhood of Nashville.