TUCSON, ARIZONA – Gateway Self Storage (Greg Herbers and John Kullas) purchased 4-acres of vacant land at 16760 N Oracle Road in Tucson for $680,000 ($3.90 PSF) for expansion.

Currently located on the westside of Oracle Road, at 16733 N Oracle Road, Gateway Self Storage has 130 storage units on 1.59 acres now. It was unknown how many more storage units would be achieved at the new expansion site.

Gateway Self Storage is perfectly located to serve residents and businesses throughout SaddleBrooke, Catalina, Oro Valley, and Oracle. The facility is clean and equipped with state-of-the-art digital video surveillance, climate controlled storage options, and a monitored alarm system.

2021 was a banner year for the self storage sector. Not only was the year’s total sales volume more than two and a half times the previous year’s but it also dramatically bucked a trend. 2020 saw roughly the same total sales volume as 2019 and was slightly down on the corresponding figure from 2016.

Jason Wong and Matthew Wong with Crestline Properties, LLC represented the seller, Lee Family Property Management, LLP (David Lee, manager) and Peter Canacakos with Long Realty represented the buyer in the land purchase.

For more information, Matthew Wong should be reached at 520.269.3060 and Jason Wong is at 520.326.3151.  Canacakos can be contacted at 520.918.4831.  Gateway Self Storage can be called at 520.272.0703.

To learn more, see RED Comp #9636.

YUMA, Ariz. – Institutional Property Advisors (IPA), a division of Marcus & Millichap (NYSE: MMI), announced today the sale of Regency Square, a 304-unit, two-story, garden-style multifamily asset in Yuma, Arizona. The property sold for $41.5 million, which represents $136,513 per unit.

“Built in 1986, Regency Square has enjoyed consistent ownership for more than 15 years,” said Cliff David, IPA executive managing director. “As a result, the property has been meticulously maintained with largely original unit interiors, setting the stage for a full-scope apartment interior renovation strategy supported by the submarket’s 10.6% year-over-year rent growth and sustained 97.6% physical occupancy.” David and IPA executive managing director Steve Gebing represented the seller, a private partnership, and procured the buyer, Sundance Bay.

The property is in the geographical center of Yuma with excellent visibility along one of the city’s main thoroughfares, U.S. Route 95/Avenue B. The Big Curve and Avenue B shopping centers are part of the 5.8-million-square-feet of retail within a five-mile radius. Yuma Regional Medical Center is approximately one-mile away and Yuma International Airport is four miles away. Bard Valley Medjool Date Growers, Arizona Western College, and Ramco Enterprises are among the city’s many employers.

Regency Square is made up of studio, one-, and 40% two-bedroom two-bath apartment homes in 17 residential buildings. Residents have assigned covered parking and access to two swimming pools, a leasing office and clubhouse, basketball court, children’s playground, pet park and two laundry care centers.

Chandler, Arizona industrial acquisitions continue the JV’s Arizona investment momentum

CHANDLER, AZ – Leading global real estate investor, asset manager and business builder Oxford Properties Group (“Oxford”) and prominent real estate investment management firm EverWest Real Estate Investors (“EverWest”) have closed on the US$26.34 million Chandler Airpark. The deal completes the JV’s US$46.34 million acquisition of a three-building, 261,940-square-foot, Kitchell-built Class A industrial portfolio that was recently completed and delivered in Chandler, Arizona.

Collectively, the acquisitions follow the JV’s objective to acquire and develop approximately US$1.0 billion (gross asset value) of core-plus and value-add light industrial product in major U.S. growth markets.

Oxford and EverWest began the acquisition of the Kitchell portfolio in late 2021, with the purchase of 800 E. German Road for $20 million. Last month, the companies announced the building’s full, 113,100-square-foot lease-up to a sustainable technology company.

Chandler Airpark comprises 148,830 square feet in two buildings totaling 82,119-square-feet and 66,711-square-feet, respectively. Each building features 28’ clear height, dock-high and ground-level loading positions, concrete truck courts, and generous power and parking.

“Chandler Airpark allowed us to acquire a vacant building with the opportunity to lease, stabilize and hold in a market experiencing exponential population growth and demand,” said EverWest Managing Director of Asset Management Amr Ceran. “We are extremely bullish on the Arizona market and are pursuing additional acquisitions here in the year ahead.”

“Speed to market is critical for industrial users and these projects meet that demand, providing immediate move-in for tenants and strong yield for ownership,” said Ankit Bhatt, Vice President of Investments at Oxford Properties. “This is in direct alignment with our investment goals and continues to build a foundation of extremely stable, logistics-based holdings.”

Chandler Airpark and 800 E. Germann are located along E. Germann Road, minutes from Chandler Municipal Airport and within one mile of Loop 202, offering quick access to two full-diamond interchanges and the market’s highly skilled labor pool.

Together, the portfolio totals 261,940 square feet within the Chandler Airport submarket, which in the past two years has grown from .4 million square feet to 4.8 million square feet of net industrial absorption, driven by tenant and market demand.

Ceran and Managing Director of Acquisitions Erik Good directed the transaction for EverWest. Will Strong of Cushman & Wakefield served as the sales broker.

Since launching their joint venture late in 2021, Oxford and EverWest have secured 16 light industrial assets across target markets in the Northeast, Southern, Mountain, Southwest, West Coast and Pacific Northwest regions.

Part of a thematic capital allocation strategy, Oxford has substantially grown its global industrial business over recent years. Last August it acquired a 149-building, 14.5 million-square-foot light industrial portfolio across 12 U.S. markets from KKR for US$2.2 billion. While in September Oxford announced it had completed its acquisition of M7 Real Estate, a market-leading pan European logistics investment and asset manager.

As a result of its sustained growth, logistics now represents the largest allocation of capital within Oxford’s global real estate portfolio. Building on this momentum, Oxford and EverWest will continue to seek strategy-driven, infill light industrial acquisition opportunities across key U.S. growth markets.