An entity affiliated with global real estate giant Hines — the Houston-based company that plans to reinvent Midtown’s former Reed automotive site — has paid $21.25 million for a self-storage building in Sylvan Park.
The West Nashville property offers an address of 4311 Alabama Ave.with the CubeSmart self-storage structure on three levels.
According to a Davidson County Deeds Registry document, the seller was an LLC affiliated with Nashville-based real estate investment firm Nicol Investment Company. Nicol paid $14.5 million for the property in March 2020, Metro records show.
Mississippi-based York Developments developed the site along with the storage building.
The transaction is the latest in a series of self-storage sales and development (read here).
More recently, Nashville-based real estate investor, distiller, and entrepreneur Darek Bell and property manager Neil Dyer announced they are planning a Go Store It self-storage facility for Williamson County (read here).
In addition to its planned project in the Reed district (read here), Hines partnered with Nashville-based CB Ragland Company to develop the SoBro site at 222 2nd Avenue South, the office portion of which sold for $264.1 million in 2020 (read here).
CubeSmart, based in Malvern, Pennsylvania, is a real estate investment trust that invests in self-storage businesses. The company owns and/or operates more than 500 self-storage properties nationwide and ranks among the top five such companies in the United States, according to moving.com.