Saturday, April 16, 2011
MURFREESBORO, TN -- AC Self Storage Solutions, LLC of Newport Beach, CA., has acquired Rivergate Self Storage (top left photo), a Class-A, stabilized cash-flowing storage facility with 470 storage units, 17 parking spots for RVs and boats, and approximately 62,000 net rentable square feet of storage in Murfreesboro, TN, a suburb of Nashville. The price was not disclosed.
Rivergate Self Storage and Truck Rentals, located at 1323 N.W. Broad St., is approximately 80% occupied with individual and commercial customers. AC Self Storage Solutions, a joint venture of Axxcess Capital Ventures, LLC, bought the facility from Jeff Davis, a Murfreesboro entrepreneur.
Ashley Compton (lower left photo), first vice president of CB Richard Ellis’s Self-Storage Advisory Group in Nashville, represented the seller.
AC Self-Storage “fast-tracked” the all-cash acquisition, closing it 60 days after signing the purchase agreement.
“Rivergate hit dead center in our most important portfolio acquisition criteria,” said Troy Downing, (middle right photo) managing member of AC Self Storage Solutions who has been in the self storage real estate sector for 10 years.
“It’s well occupied, situated in an established, in-fill location on a high-traffic road with a good visibility and easy access. It’s close to high-density housing, retail, a K-Mart across the street and solid economic anchors such as Middle Tennessee State University and Middle Tennessee Medical Center comprised of 10 facilities near Rivergate.”
Downing also cited Murfreesboro ranking as the fastest growing city in Tennessee as a major factor in acquiring the self-storage facility. Population grew 40,000 between 2000 and 2010 and census data is predicting a 14.4% gain in residents over the next five years.
Downing said AC Self Storage Solutions will “significantly enhance” Rivegate’s benefits to storage customers by adding a call center, longer hours, content insurance coverage, more frequent and creative marketing campaigns to attract new customers and providing “institutional level management and oversight” of the facility.
The name and Internet address will remain the same –www.rivergateselfstorage.com—but will now be interactive allowing customers to make monthly payments on the website.
Chris Barnett firstname.lastname@example.org 415-336-5092
Troy Downing or Craig Morris, email@example.com 866-629-9237
Broker: Ashlee Compton, Ashley.firstname.lastname@example.org 615-248-1130.