Public Storage purchased a portfolio of four self-storage facilities operated as Jepco Storage in Chattanooga, TN for an undisclosed amount. The facilities, the first of which started operation 44 years ago, span 392,000 square feet and include 2,800 storage units.
“They wanted it bad, and I let them have it,” owner Joe Proctor told the Times Free Press.
Proctor had received a number of offers over the years but said Public Storage’s was a “just a great offer.” Proctor said he received a $500,000 non-refundable deposit for the sale.
The deal will double Public Storage’s footprint in the area.
A Washington state-based investment group purchased the facility at 19320 E. Bothell Everett Highway in Bothell, WA for an undisclosed price. The seller, BAMM N.W. LLC, was represented by Nick Walker of CBRE’s Self Storage Advisory team. The 25,225-square-foot facility was 99.6 percent occupied at time of sale and received multiple offers.
IMN Real Estate Holdings purchased the self-storage property at 4777 W 10400 S in Payson, UT for $9.72 million. AAA Avenue Storage is part of a parcel that covers more than 44 acres. The seller was JBB Burley Properties LLC. The facility was built in 2007.
Xenia Storage, located at 525 Xenia Avenue in Beaumont, CA was sold for $1.1 million. Buyer and seller name was not available. The facility offers 255 units and 43 RV parking spaces, as well as an on-site manager’s residence. Victor Martinez, a broker in Ontario, CA, arranged the transaction.
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