PHOENIX, ARIZONA – NAI Horizon Senior Vice President Denise Nunez and Associate Victoria Filice represented the seller in the $8.35 million investment sale of American Self Storage & Mail Center in Chandler, Arizona.
NAI Horizon represented the seller, Lawhead Family LLC of Apache Junction, Arizona; and secured the buyer, 535 Wilmot Investors, LLC of Phoenix. The asset is located at 12220 E. Riggs Road in Chandler.
“The seller was specific that the property be quietly marketed. We sent the deal to 13 potential buyers which generated five solid offers for a top negotiated price at a 4.8 cap rate on in place income,” Nunez said. “The seller had original plans to develop out five concrete pads for additional climate-controlled and drive units. However, the seller never finished the project, which was built in 1999. The buyer, an Arizona LLC, will develop out the site in a market known for its difficulty for approving of self-storage.”
American Self Storage & Mail Center totals 59,239 NRSF and 652 units. It features a mix of standard drive-up and climate-controlled units plus RV parking plus six commercial retail store tenants. It is located on Riggs Road between McQueen and Cooper roads.
Nunez specializes in self-storage, offering localized expertise in Arizona and national representation working with NAI offices throughout the U.S.