PGIM Sells Nashville Self Storage Facility for $18M
The new owner, Extra Space Storage, already handles management functions at the roughly 76,000-rentable-square-foot property.
PGIM Real Estate has sold a 76,205-rentable-square-foot self storage facility in Nashville, Tenn., for $17.8 million, according to public records. The new owner, Extra Space Storage, already handles management functions at the property.
Located at 3744 Annex Ave. close to a dense residential area, the asset is adjacent to Interstate 40 and almost 8 miles from downtown Nashville. The eight two-story buildings feature climate control units ranging from 16 square feet to 600 square feet. Completed in 1986 on a 4.4-acre site, the facility has drive-up access, video surveillance, electronic gate access and an on-site resident manager.
Despite a sharp decline at the onset of the pandemic, the self storage sector bounced back and rent rates are improving. On a year-over-year basis, national street-rate rents rose 3.5 percent for the average 10×10 non-climate-controlled units and 2.3 percent for the climate-controlled units of similar size, according to the latest Yardi Matrix data. The Nashville metro is lagging behind the best-performing markets in California but closed the first month of the year with positive figures.