TUCSON, AZ – Scottsdale-based 1784 Capital Holdings LLC acquired 2.81 acres at 121 W. Orange Grove in Tucson this past May and has begun construction of a two-level, freestanding self-storage facility on the property to be called Life Storage. 1784 Capital Holdings is a leader in the development and ownership of institutional quality self-storage facilities.
“This property is located at the western edge of the Catalina Foothills mountains and is an ideal location for the growing community of self-storage users,” says Shane Albers, chairman and CEO of 1784 Capital Holdings. “We are committed to the Tucson marketplace and look forward to expanding within the city. We are allocating $250 million for expanding our national portfolio of institutional-quality, Class A self-storage facilities. Executive Vice President Kelly McKone directs these growth efforts as we expand in a variety of markets.”
The 2.81 acres were acquired as two vacant lots for $975,000 ($8.00 PSF). 1784 Capital Holdings LLC purchased the properties from Arizona-based Orange Grove/Oracle LLC and 4-D Properties, LLP. Denise Nunez of NAI Horizon in Phoenix negotiated the purchase transactions.
1784 Capital Holdings is developing 532 storage units on the site in a building totaling approximately 73,250-square-feet. Both levels of the facility will offer vehicle access. The business will offer both climate and non-climate controlled storage units. Plans call for the development to be completed and open for renters in the second quarter of 2017.
For more information, Nunez should be contacted at 602.315.0771 and to learn more on 1784 Capital Holdings, visit www.1784Capital.com.
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