TUCSON, ARIZONA – NAI Horizon Senior Vice President Denise Nunez represented the seller in negotiating the $7.15 million ($9,715 per unit) acquisition of Continental Ranch Self Storage in Marana, Arizona. Nunez also secured the buyer in the transaction.
Nunez represented LPG Associates of Rohnert Park, Calif., in the sale of facility at 5650 W. Coca Cola Place in Marana. The buyer was Baron Properties of Denver, Colorado.
“This acquisition represents the first self storage facility in Arizona for Baron Properties,” Nunez said. “With very few self-storage acquisition opportunities in Arizona, this asset drew national attention from numerous buyers and moved quickly to contract.”
Continental Ranch Self Storage totals 99,810 net rentable square feet and 736 units. It is located off of I-10 and Cortaro Farms Road, adjacent to the Arizona Pavilions shopping center. It is set off of the frontage road with access to I-10 from both Cortaro Farms and Ina roads.
Baron Properties has engaged Extra Space Storage as a third-party management company to operate the facility. Extra Space Storage is a Real Estate Investment Trust (REIT) that currently manages more than 200 joint venture locations and almost 900 wholly-owned locations for a total of approximately 1,600 stores.
Nunez specializes in the self-storage market, offering localized expertise in Arizona and throughout the U.S.
To learn more, see RED Comp #6066.