NitNeil Partners Sells Self-Storage Facility in Downtown Chattanooga

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    NitNealNitNeil Partners, an Atlanta-based real estate development and investment firm, is pleased to announce a successful sale of its recently developed self-storage facility in downtown Chattanooga to Sovran Self Storage, Inc. (NYSE: SSS). The three-story building, which has operated under the flag ‘Uncle Bob’s Self Storage’, features 57,545 square feet of climate controlled self-storage located off of Broad Street in Chattanooga’s booming Southside Historic District.  The sale comes just 14 months after NitNeil Partners began construction on the project in July 2013.  Overall, this sale generated a 180% project level internal rate of return (IRR).   Even though the facility has only been opened for 5 months, the rental absorption has been strong as this is the only high quality, modern self-storage option in the entire Chattanooga MSA.  This facility has provided a much needed amenity to the various residents, businesses, and students living ‘in town’.  

    ABOUT NITNEIL PARTNERS NitNeil Partners is a real estate investment firm that develops and acquires institutional quality self-storage facilities in high growth markets. Based in Atlanta, the company owns a portfolio consisting of 800,000 square feet that spans across 5 states.  Currently, the company is working on new development projects in Georgia, South Carolina, North Carolina and Florida.   For more information, please visit nitneilpartners.com.
     
    Media Contact  Nitesh Sapra nitesh@nitneilpartners.com
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