JLL Capital Markets completed the sale of the 650-unit facility at 145 Hillview Ave.
News release
28 November 2022
Brand new self-storage facility in Knoxville, Tennessee changes hands
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HOUSTON - November 28, 2022 – JLL Capital Markets announced today that it has closed the sale of a 650-unit, recently completed self-storage facility in Knoxville, Tennessee.
JLL marketed the property on behalf of the seller, MV Investment. Platinum Storage Group purchased the asset.
Opened in October 2022, the facility, which operates under the Storelocal Storage brand, is 100% climate-controlled and the only new-vintage storage option in the immediate area. The three-story property features 24-hour surveillance cameras, individual unit locks, keypad entry and on-site management.
The property is located at 145 Hillview Ave., strategically developed there for its convenient and accessible location at the intersection of two highly traveled corridors within the growing Knoxville market. With limited competitive supply around the property and burgeoning housing and multi-family developments in the vicinity, the facility is well-positioned for strong operations.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Steve Mellon and Brian Somoza and Directors Matthew Wheeler and Adam Roossien.
“MV Investment delivered a state-of-the-art quality product in an excellent location within a strong southeastern market,” said Wheeler. “We greatly enjoyed working with them in facilitating this sale to Platinum Storage.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About MV Investment
For nearly 60 years, MV Investment has been providing superior risk adjusted returns to its investors. MV Investment is focused on the development of climate controlled self-storage and luxury multifamily communities in the Midwest and Southeast. MV Investment is a Miller Valentine company. For more information, please visit: www.mvinvestment.com.
About Platinum Storage
Platinum Storage Group is one of the nation’s leading fully integrated commercial real estate investment and management companies with a specialty in self-storage assets. To learn more, visit: www.platinumstorage.com.