TUCSON, ARIZONA, February 22, 2023 - Vacant land at 302 S Wilmot Road in Tucson sold for $1.95 million ($19 PSF) to CAP Storage of Greenville, SC. Located at the NWC Wilmot & 14th Street and near the SWC of Wilmot & Park Place Drive, the 2.39-acres is vacant land next to the former Handy Andy and Silo Connection store near Park Place Mall.
The buyer has rezoned a portion of the property to C-2 zoning to construct a 103,026-square-foot, three-story (40-foot height) personal storage building that will have the look and feel of an office/retail building. Design includes climate-controlled storage units and a centralized interior loading/unloading area. Units will be access-controlled and limited to customers only, with a 500-ft office space located on the first floor.
The global self-storage market size was valued at $58.279 billion USD in 2022 and is expected to expand at a compounded annual growth rate (CAGR) of 7.5% from 2023 to 2028, reaching $89.941 billion USD by 2028.
The seller was K-GAM 302/320 South Wilmot, LLC c/o Margaret Kivel, manager.
To learn more, see RED Comp #10467