- For sale
The Colliers Self Storage Group is pleased to exclusively offer to qualified investors the opportunity to purchase Store It - Spring Hill located at 830 Beechcroft Road in Spring Hill, Tennessee. Phase I of this institutional quality development delivered in October of 2021 and has rapidly surpassed a physical occupancy of 88%. The seller is in process of completing Phase II (an additional 40,441 sf) which is on track to deliver in October of 2022. Store It Spring Hill is located adjacent to Columbia Academy and just north of the 7.9 million SF GM Manufacturing Plant. Just a 30-minute drive from Downtown Nashville, this facility services Spring Hill, Thompson Station, Columbia and Santa Fe.
Store It – Spring Hill is situated on approximately 10.18 acres and consists of eleven single-story brick and block buildings as well as a spacious management office. Phase I of Store It consisted of 37,250 rentable square feet and 284 units. This Phase rapidly stabilized in under 12 months of operation, allowing the seller to begin Phase II, a 40,441-sf expansion. Phase II will include 41 highly coveted enclosed boat and RV units. According to property staff, a significant portion of these units have already been reserved. Also included in this transaction is a rough graded area where a future Phase III can be developed.
Spring Hill sits 35 miles south of Downtown Nashville and straddles the Maury and Williamson County lines. Spring Hill was ranked the 10th fastest growing large city in 2021, with an a one-year population growth of 5.4%. This growth can be attributed to an abundance of well-paying jobs, proximity to Nashville, Franklin, and Murfreesboro, and the relatively affordable cost of living. Spring Hill continues to grow with master developments like June Lake, a 1,300-acre mixed-use development that will include 3.9 million square feet of office, 1.3 million square feet of retail and 2,900 residential units.
The previously mentioned growth has bolstered the demographics for the surrounding trade area. The 5-mile population is 49,729 individuals, which has grown by 86.5% since 2010 and is forecast to grow by another 10.2% over the next 5 years. These residents have an average household income of $118,488, which is forecast to grow by 18.4% to $140,279 over the next 5 years. This average household income is 75.5% above the national average household income of $67,521.
Store It – Spring Hill offers its tenants superior amenities, including a full-service on-site management office, multiple 24-hour video surveillance cameras, wide drive aisles, full perimeter fence with an access control swing gate, led lighting throughout, and abundant landscaping.
Store It – Spring Hill will continue to benefit from the institutional quality construction and the prime location in the 10th fastest growing large city in the United States. This rapid population growth is forecast to continue for the foreseeable future and the strong leasing trends for Phase I of this facility reinforce the strength of this asset. Store It – Spring Hill will rapidly stabilize Phase II upon delivery and is well-positioned for strong economic performance for years to come.