U-Haul (NYSE:UHAL) shares settled Tuesday, on announcing its acquisition of the former K-Mart® building at 7060 Winchester Road just south of State Route 385, where it is currently serving customers with moving, storage and retail solutions.
The Memphis-based company reports the 13.7-acre lot, now home to U-Haul Moving & Storage of Germantown, was purchased on May 1. It is the ninth U-Haul-owned and -operated store within the Memphis city limits.
The property was originally purchased and transformed into a self-storage facility by Karam Self Storage®, but it was never opened to the public. U-Haul acquired it with 737 existing self-storage units and plans to add another 200 or more rooms in the coming months.
In addition to indoor climate-controlled self-storage with individual alarm systems, customers now have access to moving trucks, trailers, towing equipment, boxes and moving supplies. Professional hitch installation and propane exchange will soon be available to ensure U-Haul of Germantown is a full-service store.
Said President Liz Simpson,"We look forward to being part of Germantown's economy and supporting our neighboring businesses by completing the restoration of this building, turning it into something functional that meets the community's needs."
UHAL shares began Tuesday down 94 cents, or 1.4%, to $65.25.
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