Gateway Century 12 Theater Sells for $4 Million for Self-Storage Conversion

TUCSON, ARIZONA — The former Gateway Century 12 Theater at 770 N. Kolb Road, sold to developer, Verdad Real Estate & Construction Services for $4 million ($88 PSF).

The 45,556-square-foot building on 6-acres, located south of Speedway, will be redeveloped into a 2-story, climate controlled self-storage facility with approximately 680 storage units.

The buyer plans to add a second story to the 12-screen theater and make the building closer to 90,000-square-foot for the self-storage facility being branded as Extra Storage.

Greg Furrier, a retail broker with Cushman & Wakefield | Picor represented the seller, Texas-based, Century Theatres.

The buyer, Verdad Real Estate & Construction Services is a leading full-service real estate developer and construction services team with nationwide experience based in New Orleans. From site selection to store opening, Verdad specializes in build-to-suit development, funding 100% of its projects. No matter the scope, its comprehensive program meets clients’ needs. Verdad’s team manages the entire process from kick-off to closeout and beyond.

Verdad is currently developing another Extra Space Self-Storage at the former Southwest University of Visual Arts, 2538 N Country Club Road in Tucson, as permits have been applied for a 90,000-square-foot, single story, facility with about the same number 680 climate-controlled units.

 “We really like Tucson a lot,” said James Montgomery, the self-storage project manager at Verdad Real Estate. “With two projects underway for self-storage, we also have a retail group looking for restaurant re-development opportunities in Tucson.”

For more information, Furrier can be reached at 520.546.2735 and Montgomery should be contacted at 504.577.2014.

To learn more, see RED Comps #9321 and #9734.