Cushman & Wakefield Brokers Albuquerque Storage Deal
- Jul 21, 2020
Cushman & Wakefield has completed the disposition of Valley Vista Self Storage, a 423-unit self storage property in Albuquerque, N.M. Vice Chairman Mike Mele, Executive Managing Director Luke Elliot and Broker Devin Beasley negotiated the deal on behalf of the seller, a private investor.
Haggar Group, operating under its StorWise Self Storage brand, purchased the asset in a 1031 exchange. The new owner financed the acquisition with a loan provided by Enterprise Bank and Trust, according to Bernalillo County records.
Located on 8 acres at 3901 Ervien Lane SW, the property encompasses 13 single-story buildings completed in 2000. The 48,200-square-foot facility features drive-up access units ranging in size between 50 and 200 square feet, as well as 525-square-foot spaces for vehicle storage. The property has an on-site manager, keypad entry, and security cameras. The store is 6 miles southwest of downtown Albuquerque. There are at least 10 other self storage properties and nearly 830 residential units within a 3-mile radius, Yardi Matrix shows.
In June, Mele and Elliot assisted Merit Hill Capital in the $41 million sale of eight self storage properties in Memphis, Tenn. Gelt acquired the 490,200-square-foot portfolio totaling 3,867 units.