PHOENIX, ARIZONA – The Nunez Self-Storage Group represented the seller in the disposition of an 84,585 SF self-storage asset in Phoenix.
NAI Horizon Executive Managing Director Denise Nunez and First Vice President Victoria Filice, CCIM, represented the seller, Structured REA – Glendale Storage, LLC, in the sale of Extra Space Storage (managed), 2718 W. Glendale Ave. The buyer was a New York, New York-based owner with existing self-storage operations in the market.
“This was a Class A new-build property which opened in February of 2021 and was significantly surpassing lease-up projections,” Nunez said. “The owners had received off-market offers.
“However, they were motivated to sell when they saw what deals were selling for under current market conditions. There were many potential buyers for this institutional quality product and an excellent addition to the buyer’s existing portfolio in the Phoenix market,” Nunez said.
The property was a single building, all enclosed climat-controlled which housed 886 units.
The Nunez Self-Storage Group closed more than $140 million in transactions in 2021.
PHOTO: Extra Space Storage, 2718 W. Glendale Ave., Phoenix, AZ