PHOENIX, Ariz.– Cushman & Wakefield announced today it has completed the sale of Garfield Storage located in central Phoenix. Situated in the core, Downtown Phoenix area, Garfield Storage was developed in 2017 and totals 83,710-rentable-square-feet of Class A, institutional quality, storage space. The store is located at the interchange of Interstate 10 and 16th Street and offers visibility to over 300,000 cars per day.
The buyer was the William Warren Group, a Santa Monica-based self storage owner/operator who will operate the project under its brand name StorQuest Self Storage. Greg Wells and Paul Boyle with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction on behalf of the seller, an affiliate of Hibernia Capital Advisors, a private real estate and development firm based in Phoenix.
Mark McLoone of Hibernia Capital says “We are still positive on the storage industry, it simply felt to be the right time to sell our project in downtown Phoenix. While there are parts of the Valley that may experience some supply issues, we will continue to explore opportunities because we believe in the strength and longevity of the Phoenix market."
"Even in uncertain economic conditions, Class A, well-located self storage assets in top MSAs are in high demand,” said Greg Wells. "This transaction is an example of the strength of the asset class and its compelling long-term cash flow opportunities and value creation.”
"We are extremely pleased to complete this transaction given the added challenges present from the COVID-19 pandemic. The ability to execute today is a great accomplishment by all parties involved,” said Bill Hobin, CEO of William Warren Group. “The central Phoenix location of this asset fits in nicely with the broader StorQuest Self Storage portfolio and with its freeway visibility adds brand value to all of the other StorQuest locations in the Phoenix MSA."
The Cushman & Wakefield Self Storage Advisory Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S. store features dual entry on the ground floor, as well as two levels of subterranean parking.