Southeast Storage, a regional self-serve storage business that operates or owns part of nearly a dozen storage complexes, is expanding into Tennessee with the purchase of one of Chattanooga's biggest self-storage facilities.
A group affiliated with Lumpkin Development Co., in the Atlanta area is buying the Total Storage complex at the intersection of Hixson Pike and Dallas Hollow Road in Lakesite, Tennessee. The complex is now 97% leased and the price of the property has grown with the increased demand for storage facilities in the area and record-low borrowing rates for developers.
Total Storage LLC of Knoxville bought the complex in 2012. The original structure was built in 1975 with 7,850 square feet and has been expanded over time to include 101,293-squre-feet of storage buildings on 4.9 acres in Hixson.
Marcus & Millichap, a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced the sale of the 80,902-square foot self-storage facility on Wednesday.