Bill Alter of Rein & Grossoehme in Phoenix is pleased to announce the sale of Foothills Self Storage located at 4555 N. 1st Avenue in Tucson, Arizona. The sale closed on March 10, 2016 for $7.5 million, which represents approximately $120 per square-foot and at a high 5% cap rate.
The property was constructed in 1996 and consisted of about 62,770-square-feet net rentable area in 636 storage units plus a residence/office and a billboard on property with a long term lease. Occupancy at time of closing was about 95%.
The seller in the transaction was a group of investors/developers from Tucson. The property was purchased by The William Warren Group of Santa Monica, CA and will be re-branded as Stor-Qwest Self Storage.
This was Bill Alter’s 146th self-storage sale. For more information, contact Alter at 602.315.0771 or [email protected].
To learn more, see RED Comp #3725 and login for additional information.
[mepr-show rules="58038"]Cap rate reported as 5.7%. Gross building area is 69,379 SF rentable area used here excludes residence and hallways from the storage buldings.[/mepr-show]