JV Buys 147 KSF Self-Storage Portfolio
- Mar 09, 2018
A joint venture of Advantage Storage and Harrison Street Real Estate Capital has acquired a two-property self-storage portfolio totaling 147,521 square feet and 1,425 units in Arizona and Colorado. The facilities were sold by a joint venture between Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital–Real Estate.
Located at 7910 W. Beardsley Road, the Arizona facility is approximately 17 miles northwest of downtown Phoenix, in the suburb of Glendale, near State Route 101. The thoroughfare provides exposure to more than 120,000 cars daily. Built in 2017, the three-story building comprises 955 units, ranging from 25 to 500 square feet.
The Colorado asset is located at 11645 W. Belleview Ave. in Littleton, Colo., roughly 10 miles southwest from downtown Denver. Completed in 2016, the three-building facility occupies 2.7 acres and comprises 470 units, ranging from 25 to 200 square feet. The property is located in a densely populated area, with approximately 80,400 people living within a three-mile radius and $98,000 annual median household income.
Features of the facilities include:
- climate-controlled units
- drive-up access
- secure fencing with electronic access control
- 24-hour video surveillance
- retail-oriented customer service offices
“New, institutional-level construction, excellent visibility and local barriers to entry made this portfolio an attractive offering,” said Brian Somoza of JLL, in prepared remarks. “Even more so, strong projections for economic and population growth in both the Phoenix and Denver metro areas should result in a sound investment for the new ownership.”
JLL’s Somoza and Steve Mellon arranged the sale of the storage portfolio.
Images courtesy of Yardi Matrix