Knoxville Self Storage. Image courtesy of JLL Capital Markets
Platinum Storage Group has acquired a 650-unit storage facility in Knoxville, Tenn. MV Investment sold the recently completed asset, which operates under the Storelocal Storage brand.
The JLL Capital Markets team representing the seller included Managing Directors Steve Mellon and Brian Somoza, alongside Directors Matthew Wheeler and Adam Rossien.
The 90,171-square-foot property came online in October 2022 and occupies 1.9 acres. The three-story building offers climate-controlled units ranging from 25 to 300 square feet. On-site amenities include 24-hour video surveillance, individual unit locks, keypad entry, carts and dollies, wine storage and on-site management.
Platinum Storage Group owns, develops and manages self storage facilities in various MSAs across the country, with several assets in Tennessee, as well as Arizona, California, Texas, Massachusetts, Washington, Minnesota and Nevada.
Storelocal Storage – Knoxville is located at 145 Hillview Ave., 5.6 miles from downtown Knoxville and close to the intersection of Rutledge Pike and Interstate 40. According to Yardi Matrix data, there are currently 19 properties in various stages of development in the Knoxville market, set to add approximately 1 million square feet to the existing inventory. As of September, the national development pipeline expanded by 20 basis points month-over-month, accounting for 10.6 percent of the overall stock.
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