Coldwell Banker Commercial Wallace announces the sale of 201 Randolph Street, located just north of Downtown Knoxville and slightly east of the Old City.
The six-story structure, previously doing business as Fireproof Storage, consists of 133,200 SF, was built in 1923 and has served solely as a storage facility since that time.
John Lyle, Senior Advisor for Coldwell Banker Commercial Wallace represented the seller, negotiated the purchase and worked through the due diligence with both the buyer and seller.
The property has been acquired by Store Space, a nationwide self-storage company with corporate offices in Las Vegas. Offering short and long-term storage options, Store Space promises to deliver best in class service in a clean, safe, secure and convenient environment.
While there has been talk of other self-storage facilities looking to locate in Downtown Knoxville, this is the first one to officially close a deal. Now soon becoming reality, it’s very exciting for Knoxville, especially with the ever growing needs of downtown residents.
“Even though there will be improvements and renovations, for the building to be nearly 100 years old, it is in excellent shape from an engineering perspective,” said Lyle.
Fireproof Storage was aptly named, built in 1923 as the only fireproof storage warehouse in Knoxville. The building is historically significant because it provided record and document storage to colleges and universities as well as many downtown law offices for much of 20th century.
With the changing landscape of storage moving to the digital realm, needs and demands look different today.
New renovations to this downtown Knoxville landmark will provide much needed, ultra modern, state of the art self storage for the growing residential and small business community in downtown.
“This property is quite unique for various reasons,” said George Wallace, owner of Coldwell Banker Commercial Wallace. “With its size and scope, it stands to offer a jolt to the economy, with job creation from the various construction and renovation projects.”
The buyer is committed to using as many local contractors as they possibly can, in addition to a limited number of specialty contractors from outside the area.