A 652-unit self-storage facility in Chandler, AZ has sold for $8.35 million.

Phoenix-based 535 Wilmot Investors LLC purchased the 59,239-square-foot facility at 12220 E. Riggs Road from Lawhead Family LLC of Apache Junction. Denise Nunez and Victoria Filice of NAI Horizon represented the seller.

“The seller was specific that the property be quietly marketed. We sent the deal to 13 potential buyers, which generated five solid offers for a top negotiated price at a 4.8 cap rate on in-place income,” Ms. Nunez said in a press release. “The seller had original plans to develop out five concrete pads for additional climate-controlled and drive units. However, the seller never finished the project, which was built in 1999. The buyer, an Arizona LLC, will develop out the site in a market known for its difficulty for approving of self-storage.”

The facility features both drive-up and climate-controlled units as well as RV parking. In addition, there are six commercial retail store tenants on site.

The BSC Group reports the following:

Chicago-based The BSC Group arranged $4.22 million in acquisition financing for the purchase of a self-storage facility in the Houston metro area. The purchaser was Madison Capital Group LLC and the facility will be rebranded and managed under the Go Store It name. The 83,950-square-foot facility is located at 2919 Highway 146, Bacliff, TX. The facility contains 520 units. The fixed rate, non-recourse loan was placed with a national bank and featured a five-year term with a 30 year amortization, along with 24 months of interest only payments.  The 61% LTV loan was rate locked at application at a rate of 3.33%.   The BSC Group has arranged more than $160MM in financing for self-storage YTD 2020.

Marcus & Millichap reports the following:

Central Storage, a 348-unit self-storage facility in Rochester, NY, has changed hands. Nathan Coe, Brett Hatcher and Gabriel Coe of Marcus & Millichap represented both buyer and seller, who were not identified. John Krueger, broker of record, also assisted with the transaction. The facility sits on 1.5 acres and offers 51,209 square feet of storage space.

 

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Alexander Harris