Suburban Phoenix Storage Facility Changes Ownership
- Jan 30, 2020
Prime Storage Group has purchased Self Storage with More, a 780-unit facility in Mesa, Ariz., for $7.5 million, according to public records. The new owner took out a $7.1 million loan from Natixis to finance the acquisition. The Storage Acquisition Group brokered the deal.
Located at 5932 E. Brown Road on 3.6 acres, the property was completed in 2006, according to Yardi Matrix data. Situated near the intersection of East Brown Road and North Recker Road, the property is in a densely populated area, close to multiple retail destinations. The facility encompasses 91,569 rentable square feet across six two-story buildings and provides climate-controlled, drive-up and interior units, electronic gate access and 24-hour surveillance.
The Storage Acquisition Group Associate Greg Vanlerberghe and President & CEO Cowles Spencer Jr. managed the transaction. According to a recent Yardi Matrix report, heavy new supply has affected self storage rents over the past 12 months. Compared to December 2018, street-rate rents decreased in 24 of the top 31 markets tracked by the data provider.