Nashville-based real estate investor, distiller and entrepreneur Darek Bell has sold a Brentwood self-storage facility for $16.1 million.
Located at 263 Wilson Pike Circle and having opened last November, the property originally was offered for $15.75 million. The new owner of the building, which offers almost 72,000 square feet and from which CubeSmart and Jim Johnson Landscaping operate, is Brentwood Owner LLC (details about which the Nashville Post was unable to determine). Bell sold the property via his BBDB Investments LLC.
Bell said the building, called Bell Self Storage, recently achieved 50 percent occupancy.
“CubeSmart has been on a tear since COVID,” he told the Post.
Bell & Associates Construction LP (Bell is a partner in the company) served as the construction manager, with Nashville-based architecture firm Smith Gee Studio having designed the facility. CapStar Bank, also locally based, provided the loan.
Ashley Compton, national director of the self-storage platform with Colliers international Nashville, brokered the deal for Bell. The buyer did not use a broker.
Originally, Bell approached city of Brentwood officials about developing the Wilson Pike Circle site — located next to the previous home of Bell & Associates — with an office building. However, he said, the city was concerned about traffic.
“After looking through many options, a Class A self-storage facility that looks more like a Brentwood-style office building than a typical storage building was the best solution," Bell said.
The transaction follows Bell having sold for $10.35 million in June 2020 a property in The Nations and on which owner Phoenix-based Alliance Residential Co. is nearing completion an apartment project (read here). Similarly, Bell sold his Wedgewood-Houston property home to Corsair Artisan Distillery for $3.3 million in January 2020. (He will maintain Corsair at the site through at least 2024; read here).
In December 2019, Bell sold a Wedgewood-Houston building home to Jackalope Brewing Co. to Houston-based development company Hines for $7.95 million (read more here). In 2018, he and brother Brad Bell (also a partner in the family business) sold for $3.7 million the former Bell & Associates property (read here).
The Nations property Bell sold is located near Stocking 51, Silo Bend and the Cumberland River at 4717 Centennial Blvd. Bell plans to keep some of that space for warehousing. However, he will renovate part of the building to offer a mix of creative office, residential space, light industrial “maker” space, retail space and a parking garage. The maker space will be used for artisan food production and craft beverage manufacturing for Corsair (which also brews beer at its Marathon Village facility), he said.