Public Storage buys Jepco for $24.5 million
Public Storage, one of the bigget rental storage businesses in the country, paid a total of $24.5 million to buy four Jepso storage mini warehouses in Chattanooga, according to real estate filings with the Hamilton County Registrar of Deeds.
Joe Proctor, the 82-year-old entrepreneur who started Jepco warehouses in 1972, said Public Storage made him an attractive offer for his buildings and he decided to sell the structures, which collectively have more than 392,000 square feet.
Public Storage, based in Glendale, Calif., already has five storage facilities in Hamilton County among more than 142 million square feet of rental storage space the company operates at locations across America and Europe. The national company paid $9.8 million to buy the Jepco warehouse at 2212 Polymer Drive, the biggest of his holdings.
Bottles of Jack Daniel’s Tennessee Whiskey line the shelves of a liquor outlet.Jack Daniel’s campaign helps military at holidays