Self-storage facilities are an increasingly popular project for commercial real estate developers in Williamson County.
A Nashville developer, the Natchez Group, has plans for a three-story facility in Spring Hill and is currently constructing a similar structure on 500 Downs Boulevard in Franklin.
The self-storage developer partnered with New-York based Atlas Real Estate Partners for the project in Franklin, which will cost $7.2 million and contain 108,000 square feet. Construction is scheduled to be complete at the end of the year.
The Spring Hill property at 4792 Main Street, across from Heritage Middle School, will be three stories and contain 74,700 square feet. Last March the Spring Hill Municipal Planning Commission approved a sketch plan for the project, which is being designed by Nashville architect Lowen + Associates LLC. Plans show a 20-space parking lot on the property.
Self-storage in the region is experiencing a boom, as people find themselves with more stuff than space. Housing trends favor downsizing, with aging baby boomers opting for smaller, less demanding dwellings as millennials entering the market tend to value location and convenience of access to work and play over space.
“The self-storage business has been the best performing real estate asset class over the past 20 years, and we view self-storage as an attractive asset class due to inherent fundamentals such as its recession resiliency, strong rent growth, expense control and growing institutional investor appetite,” Arvind Chary, managing principal at Atlas, said.