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Franklin Street Arranges Sale of Storage Conversion Facility in Tennessee

Franklin Street recently arranged the sale of Ultimate Storage Plex, a 58,440-net-rentable-square-foot, 248-unit, self-storage conversion facility in Greeneville, Tenn. 

Before the property was transformed into a storage business, it had operated as a lumber company and a local discount store. The team responsible for converting it had seen a need for additional climate-controlled self-storage, in Greenville, as well as recreational vehicle (RV) and boat storage, according to the local newspaper.  It was designed to “provide a convenient location for residents of Greeneville and Greene County to store their belongings, knowing they are safe and protected from elements such as cold weather, rain and humidity. 

Additionally, it stated that with the conversion project, “Customers [would] have electronic access to their belongings 24 hours a day in a secure, fenced area with cameras.

Franklin Street’s National Self-Storage Team, led by Senior Directors Frank DeSalvo and David Perlleshi, facilitated the sale on behalf of the seller, Tennessee-based Ultimate Storage Plex GP. The buyer is North Carolina-based 10 Federal Storage.

“The Franklin Street team demonstrated remarkable tenacity throughout this transaction. Their utilization of market expertise proved instrumental in attracting the most suitable buyer to the negotiating table,” says Willie Swatzell and Brian Click of Ultimate Storage Plex GP.

Swatzell and Click added, “Frank and David diligently navigated each stage of the transaction, overcoming obstacles with unwavering persistence. We are satisfied with the outcome and enthusiastically recommend their collaborative approach.”

Situated on 5.93 acres at 1640 E Andrew Johnson Highway, Ultimate Storage Plex is strategically located along Andrew Johnson Highway, Greeneville’s primary retail corridor, which sees approximately 26,779 vehicles per day. DR Horton, a National Home Builder, is currently constructing over 600 homes in Greeneville, indicating significant growth in the residential market.

This transaction marks the Franklin Street National Self-Storage team’s first deal in the state of Tennessee.

Founded in 2006 during one of the toughest real estate climates, Franklin Street focused on delivering value-added solutions to meet the evolving needs of clients. Through a collaborative philosophy of leveraging the resources, expertise and experience of each of its lines of business, Franklin Street has grown to include seven business divisions – Investment Sales, Tenant and Landlord Representation, Capital Advisory, Insurance, Property Management and Project Management. With $7 billion in transaction value across all major product types, Franklin Street offers unmatched value and optimal solutions for clients nationwide. Headquartered in Tampa, Fla., the firm has teams located in top markets throughout the country and works with owners and occupiers of commercial real estate nationwide. Learn more about Franklin Street at FranklinSt.com.

 

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