Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of Music City Self Storage, a newly constructed, 1,058-unit, state-of-the-art self storage facility in Nashville, Tennessee.
The HFF team marketed the property on behalf of the seller, Andover Management Group. AMERCO Real Estate Company purchased the asset.
Completed in March 2018, Music City Self Storage includes 969 climate-controlled units and 89 temperature and humidity-controlled wine storage lockers housed in one building. The state-of-the-art building features a backup generator with full building power capacity, 24-hour HD surveillance system, covered parking and unloading areas and individual alarm units. Situated on 1.69 acres at 506 Fesslers Lane, Music City Self Storage is one mile southeast from downtown Nashville and on the I-24/I-40 corridor, a critical thoroughfare for the city. This highly visible location is seen by more than 175,000 vehicles a day. More than 82,741 residents earning an average annual household income of $70,399 live within a three-mile radius of the facility.
The HFF investment advisory team representing the seller included managing director Barbara Guffey and senior managing director Jason Nettles.
“This was a great opportunity for the buyer to strategically add to their existing Nashville portfolio with a newly constructed and modernized Class A property in a high-growth market,” Guffey said.
About Andover Management Group
Andover Management Group (AMG) is a U.S.-based real estate development and management firm. AMG principals have developed and invested across numerous asset classes including self storage, multi-family, office, industrial and residential. Currently, AMG has $150mm AUM and an extensive development pipeline. The firm is a fully integrated, value-added development and operating platform specializing in acquisition, development, redevelopment, management and disposition.
AMERCO is the parent company of U-Haul International, Inc., Oxford Life Insurance Company, Repwest Insurance Company and Amerco Real Estate Company. U-Haul is in the shared use business and was founded on the fundamental philosophy that the division of use and specialization of ownership is good for both U-Haul customers and the environment. Visit AMERCO.com for more information.
Since 1945, U-Haul has been the choice for the do-it-yourself mover. UHaul customers' patronage has enabled the company to maintain the largest rental fleet in the do-it-yourself moving industry which includes a fleet of trucks, trailers and towing devices. U-Haul also offers storage throughout North America. U-Haul is the consumer's number one choice as the largest installer of permanent trailer hitches in the automotive aftermarket industry. The company supplies alternative-fuel for vehicles and backyard barbecues as one of the nation's largest retailers of propane.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit HFFLP.comor follow HFF on Twitter @HFF.