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.