KNOXVILLE, TN, May 27, 2010 – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has announced the sale of Papermill Self Storage, (bottom right photo) a 55,067-square foot self-storage facility property located in Knoxville, TN, according to Bryn D. Merrey, Regional Manager of the firm’s Tampa office.
The asset commanded a sales price of $2,025,000.
Michael A. Mele, (top right photo) vice president investments in Marcus & Millichap’s Tampa office, along with Anne Williams, investment specialist in the firm’s Memphis office, had the exclusive listing to market the property on behalf of the Texas-based seller, a bank/financial institution. The buyer, a limited liability company based out of Mississippi, is also represented by Mele and Williams.
“We will see many more deals like this one over the next two years, as financial institutions look to clear their inventory of self-storage properties” added Mele.
Papermill Self Storage is located at 3980 Papermill Road. This property was built in 2004, expanded in 2007 and enjoys a 70.04 percent physical occupancy.
Press Contact: Bryn D. Merrey, Regional Manager, Tampa, (813) 387-4700
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