Phoenix-Area Storage Facility Sells for $7M
- May 30, 2018
The Mele Group of Marcus & Millichap has arranged the sale of More Space, a 57,475-square-foot storage facility in Mesa, Ariz. Sunland Partners LTD traded the property for $7.3 million. The brokerage team worked on behalf of the seller and secured the buyer, a joint venture. The transaction marks the 17th self-storage sale arranged by The Mele Group.
The facility occupies 7.3 acres near Highway 60, at 4550 East Southern Ave., approximately 24 miles from downtown Phoenix. Around 119,000 people live within a three-mile radius, with an average income of roughly $52,000. The four-building asset, constructed in 1985, was expanded in December 2017 and currently offers 722 units, ranging in size from 25 to 384 square feet, Yardi Matrix data shows. Characteristics of the property include climate control, gate, drive-up access, parking and RV parking and security camera.
“The seller was able to capitalize on the influx of buyers entering the self-storage investment market looking for new, quality facilities that are in the process of leasing up. In this case, bids came from around the country and a buyer from out of state was selected and subsequently closed on this high-quality, recently repositioned asset,” said Luke Elliott of The Mele Group, in prepared statements.
The Tampa-based Mele Group has also worked together with Devin Beasley of Marcus & Millichap’s Phoenix office.
Image courtesy of Yardi Matrix