Landmark storage facility sold, updates planned

Kate SpearsOur Town Leaders

An almost 100-year-old building at 201 Randolph Street has sold for $4.2 million, according to public records.

The six-story structure, previously doing business as Fireproof Storage, consists of 133,200 square feet and was built in 1923. It has served solely as a storage facility since that time.

The property was acquired by Store Space, a nationwide self-storage company with corporate offices in Las Vegas. It will offer short- and long-term storage options for businesses and residents downtown.

John Lyle

John Lyle, senior advisor for Coldwell Banker Commercial Wallace, represented the seller, Kfs Trust. He negotiated the purchase and worked through the due diligence with both the buyer and seller.

Lyle said the building contains no wood. “It’s solid concrete.”

Fireproof Storage was aptly named, built 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, though.

Renovations to this Knoxville landmark will provide state-of-the-art self-storage for the growing residential and small business community in downtown. Improvements (and the sales price) should bring an adjustment to the property appraisal. In 2019, the land and building was appraised by Knox County for $342,900, making annual city and county property taxes $6,233.15.

The building is located just north of downtown and slightly east of the Old City. Lyle said the property has not been part of the footprint for a potential baseball stadium.

George Wallace, former city council member and owner of Coldwell Banker Commercial Wallace, said the property is unique. “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 possible, in addition to a limited number of specialty contractors from outside the area, Wallace said.

Kate Spears handles social media and marketing for Coldwell Banker Wallace. Sandra Clark contributed to this report.

 

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