The Mele Group Brokers Sale of Phoenix-Area Storage Facility
- Sep 26, 2018
The Mele Group of Marcus & Millichap has arranged the sale of Higley Self Storage of Broadway, a 41,175-net-rentable-square-foot, newly constructed facility in Mesa, Ariz. The brokerage team represented the seller and also secured the buyer, both private investors.
Situated at 457 S. Higley Road, the facility is near Freeway 60 and is exposed to nearly 41,000 vehicles per day. Additionally, the area is surrounded by many single-family properties and multifamily communities, including Island Palms, a 200-unit property. The newly developed storage facility comprises 241 climate- and non-climate-controlled units.
“We are seeing a lot in the news about new storage development and oversaturation occurring in different markets. While predatory storage development is taking place and beginning to cause rental rate challenges, there are many areas where new storage is not only well-received, but in high demand,” said Luke Elliott, investment specialist at Marcus & Millichap, in prepared remarks.
Elliott, Devin Beasley and Michael Mele in Marcus & Millichap’s Tampa and Phoenix offices were part of the team involved in the sale. This deal marks The Mele Group’s 33rd transaction this year. Earlier this year, the company arranged the sale of More Space, a 57,475-square-foot storage facility in the same Arizona city.
Image courtesy of Marcus & Millichap