Business Property Trust Sells 3 Self-Storage Facilities in Arizona
- Apr 11, 2017
Business Property Trust sold three self-storage facilities in Tempe, Ariz., for the combined purchase price of $8.6 million. Executive directors Paul Boyle and Rick Danis of Cushman & Wakefield represented the seller and the two different buyers.
Tempe Choice Self-Storage acquired the two assets in the AA Bargain I & II portfolio for $4.1 million. Located at 1700 E. Curry Road and 816 N. Scottsdale Road, the two facilities comprise 380 units totaling 49,925 square feet. The properties offer drive-up storage units, close-in outdoor RV, boat or trailer storage, as well as container storage units. Amenities include surveillance cameras and upgraded lighting, automated gate access and on-site management. At the time of the deal, the properties had a 90 percent occupancy.
KEMF Tempe Storage LLC purchased Tempe Bargain Self-Storage for $4.5 million. Located at 1964 E. University Drive, the facility occupies a 3.2-acre lot and features 731 units. Each unit offers move-in resources, storage supplies, as well as 24/7 security. At the time of the deal, the property was 82 percent occupied.
“Located near the heart of the major growth Tempe is experiencing, along the Tempe Town Lake/Rio Salado district, all three properties are well-positioned to benefit from the abundant infill multifamily housing planned and/or underway. Self-Storage facilities continue to remain popular with both investors and developers in the Phoenix market, in particular sites with infill locations,” Boyle said in a prepared statement.
Images courtesy of Bargain Storage