Chattanooga storage site sells to property group

Chattanooga storage site sells to property group

March 29th, 2011 by Staff Report in Business Around the Region

An Austin, Texas-based real estate investment firm has bought the Extra Space Storage Center in Chattanooga.

Virtus Real Estate bought the 3.9-acre complex and its 69,125 square feet of buildings for $2.6 million, according to the Hamilton County Assessor's Office.

Located at 600 Commercial Lane, the property includes 614 storage units that are 87 percent occupied. This is the first self-storage acquisition made in the Chattanooga-area by Virtus, which has bought 10 self-storage properties elsewhere in Tennessee, according to company spokesman Darryl Frost.