Platinum Storage Group has acquired an 86,966-square-foot self storage facility in Knoxville, Tenn. A private individual sold the asset for $11.8 million, Knox County records show. The property now operates under the Storelocal Storage brand.
According to Yardi Matrix data, the recently completed property at 5859 Rutledge Pike was subject to a $6.2 million construction loan in 2021. Tradition Capital Bank provided the financing, which is set to mature in 2028.
Senior Vice Presidents Gabriel Coe and Nathan Coe, alongside Senior Managing Director Brett Hatcher with Marcus & Millichap brokered the transaction on behalf of the seller. Tennessee Broker of Record Jody McKibben assisted in closing the deal.
The facility encompasses three buildings, spread across 5.2 acres. The property opened in the fall of 2022, offering 325 climate-controlled units and 179 non-climate-controlled units ranging between 25 and 500 square feet, as well as 20 covered parking spaces. On-site amenities include gated entry, drive-up access and on-site management.
Situated 7.7 miles from downtown Knoxville, the property provides access to interstates 40 and 640 through Rutledge Pike. The facility is one of the six available within a 3-mile radius, offering residents 8.1 rentable square feet of storage space per capita. As of April, the Knoxville market had a supply pipeline of 16 properties in various stages of development, set to add 654,132 square feet to the existing self storage inventory, Yardi Matrix data shows.
According to the same information provider, Platinum Storage Group owns two other storage facilities in Knoxville. The company purchased a 650-unit property from MV Investment last November.
