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Nashville-Based Nicol Investment Company Sells Self Storage Portfolio to Hines Global Income Trust

5-Property CubeSmart Self Storage (Managed) Portfolio Sold

NASHVILLE, Tenn. – Nicol Investment Company’s Self Storage Portfolio, which is comprised of five CubeSmart managed facilities located throughout the Nashville Metro Statistical Area (MSA) has sold. The portfolio consisted of locations in Franklin, Hendersonville, Nashville and two facilities in Murfreesboro. Hines Global Income Trust purchased the portfolio from Nicol Investment Company, LLC, on July 7, 2022. 

“Several years ago, Nicol Investment saw an opportunity in self-storage across the Nashville area, with our team delivering five state-of-the-art facilities,” said Ron Johnson, CFO, NIC. “We are proud to have developed this market-leading portfolio and congratulate Hines on its strategic acquisition.” 

The CubeSmart Self Storage of Nashville (managed) is comprised of five institutional quality facilities with a total of 3,204 climate-controlled units. In total, there is 341,202 net RSF of storage space as well as 13,445 net RSF of ground-floor retail.

“These properties are market-leaders in thriving locations, and we are thrilled to be expanding our platform in Nashville with these assets,” said David Lawrence, managing director at Hines. “It was a pleasure working with Nicol and Colliers on this transaction. With this acquisition, Hines looks forward to expanding our presence in the self-storage sector in the years to come.”

The five locations: Carothers, Hendersonville, Murfreesboro, Nashville and The Avenue, provide Hines with a dominant footprint in one of the most sought-after MSAs in the United States. Each location was constructed within the last three years and immediately became the predominant asset within each respective trade area. Details on each property are listed below: 


CUBESMART SELF STORAGE (MANAGED) FACILITIES 
Carothers – 697-unit, 71,925 net RSF of storage on Carothers Parkway in Franklin, TN.
Hendersonville – 599-unit, 67,893 RSF of storage with 9,545 SF of 4 ground-floor retail suites on Saundersville Road in Hendersonville, TN.
Murfreesboro – 577-unit, 67,315 net RSF of storage on Medical Center Parkway in Murfreesboro, TN. 
Nashville – 607-unit, 59,698 RSF of storage with 3,900 SF of ground-floor retail space on Alabama Avenue in Nashville, TN. 
The Avenue – 724-unit, 74,372 net RSF of storage on Livy Dearing Place in Murfreesboro, TN.

 

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Ashley Compton

National Director | Self Storage Group

Nashville

With a reputation as a key player in self-storage investment sales, Ashley Compton has sold or listed more than 19.3 million square feet of self-storage over the course of his 18+ year brokerage career. These transactions are valued in excess of $2.02 Billion and place Ashley among top national producers. Upon joining Colliers' Nashville office in 2016, Ashley was named a National Director of self-storage investment sales.  Ashley has received the Colliers' Top Producer Award and the Everest Club Award (Top 10% Producer for Colliers US) every year since joining Colliers.

While obtaining his undergraduate degree, Ashley launched his career as an acquisitions analyst for a self-storage REIT. His brokerage experience began at CBRE in 2004, where he quickly developed the firm’s Nashville-area self-storage practice and grew it into a well-known national brand. In 2014 and 2015, CBRE recognized Ashley as the firm’s highest-grossing national self-storage producer. Ashley has served diverse clients including Bank of America, GE Capital Corporation, Babcock & Brown, Westport Properties, Koch Real Estate Investments, and Amerco / U-Haul.

Before earning a master’s of business administration with a concentration in accounting from the University of Mississippi’s School of Business, Ashley received his bachelor’s in finance and real estate from the University of Memphis.

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