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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 Sylvan Park self-storage building.
The West Nashville property offers an address of 4311 Alabama Ave., with the CubeSmart self-storage structure rising three levels.
4311 Alabama Ave.
According to a Davidson County Register of Deeds 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, according to Metro records.
Mississippi-based York Developments developed the site with the storage building.
The transaction is the latest in a series of self-storage sales and development (read here).
Most recently, Nashville-based real estate investor, distiller and entrepreneur Darek Bell and real estate executive Neil Dyer announced they are planning a Go Store It self-storage facility for Williamson County (read here).
In addition to its planned Reed District project (read here), Hines teamed with Nashville-based C.B. Ragland Company to develop the SoBro site of 222 2nd Avenue South, the office component of which sold for $264.1 million in 2020 (read here).
Malvern, Pennsylvania-based CubeSmart is a real estate investment trust that invests in the self-storage businesses. The company owns and/or operates more than 500 self-storage properties nationwide and ranks among the five largest such companies in the United States, according to moving.com.
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