CHATTANOOGA, TN — On behalf of Scenic Self Storage, Jones Lang LaSalle Capital Markets today announced the sale of a self-storage asset located in Chattanooga, TN, to Andover Properties, dba Storage King USA. The property sold for an undisclosed price.
Located at 5027 Hixson Pike in Chattanooga, the property offers approximately 495 units, encompassing 64,323 rentable square feet. Originally developed as a big box retail store, the property was converted to self-storage in 2003 and expanded in 2007. The property benefits from excellent exposure on the Hixson Pike and is located directly across from Northgate Mall. The facility provides amenities such as; leasing office, security system, secured gates with control keypads, boat and RV parking, and packing supplies.
After overseeing the disposition of the majority of their assets in 2012, Brian Cohen, President of Andover Properties, was excited about the acquisition and his future growth strategy, noting, “We hope that this will be our first acquisition of many in the coming months.”
Jones Lang LaSalle 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 a sale, financing, repositioning, advisory or recapitalization execution. In 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion insale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.7 billion of real estate assets under management. For further information, visit www.jll.com.
Contact: Heather Filkins