Locally owned Capitol Storage of Tucson dba Tanque Verde Self Storage Units at 6750 E Tanque Verde Rd and Bear Canyon Self Storage Units at 9000 E Tanque Verde Rd sold its two locations on the Eastside of Tucson, Arizona for $5.8 million. Capital Storage has provided storage, truck rentals, boxes and packing and shipping supplies to customers in Tucson since 1986.
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[mepr-show rules="58038"] The new owner, Optivest Properties, specializes in mini-storage warehouses and is an affiliate of Optivest, Inc. based in Dana Point, CA. This past July, Optivest Properties joined Northwest Self Storage of Oregon and SecurCare Self Storage of Lone Tree, Colorado to form National Storage Affiliates (NSA), the first affiliate-owned and operated self-storage REIT (real estate investment trust).
NSA now has more than $800 million in committed asset value and is owned by its affiliate operators, who will contribute the ownership of their self-storage assets to NSA over the next few years, as current mortgage debt matures. The formation of NSA, a Maryland real estate investment trust, will make it the largest privately-owned company in the self-storage sector, with approximately 220 facilities, 100,000 storage units and 12.5 million rentable square feet of space located in 15 states.
"This REIT structure gives a viable and very flexible exit strategy for our existing clients when it is time to sell their properties," said Warren Allan, president of Optivest Properties. "The ability to partner with our other core affiliates will not only enhance our operating platform but provide the opportunity for operators to leverage our knowledge & expertise of the industry and operations as a whole."
Financing for NSA was provided by Wells Fargo, US Bank and a Prudential real estate investors debt fund, and is part of an expandable program to add future properties to the NSA REIT. Clifford Chance is legal counsel and Knightsbridge Realty Capital is providing strategic advisory series for NSA. Optivest Properties will continue to manage all of its NSA properties and is seeking more acquisitions to contribute to the REIT. The size of the NSA will enable Optivest Properties to considerably lower their cost of debt service, vendor and marketing relationships with economies of scale.
Optivest Properties specializes in self-storage property management, acquisition, image branding, asset financing and project consulting. They currently manage 54 locations nationwide with more than 27,000 units and over 4.5 million square feet of mini storage, RV and commercial storefront/warehouse storage space located in California., Arizona, Nevada, Texas, Tennessee, Colorado, and New Hampshire.
For more information, visit www.optivestproperties.com[/mepr-show]
[ismember] Sale date was 8/29/2013. Sale price of 6750 E Tanque Verde was $3.8 million, sale price on 9000 E Tanque Verde was $2 million. Seller paid $25,000 down on each. Bear Canyon Self Storage consists of 55 fully A/C cooled storage units and Tanque Verde Storage has 968 self storage units: 15% 4x9, 13% 3x4, 13% 5x12, and 11% 5x9; the balance consists of 10 various sizes ranging from 4x4 to 11x12.
The Optivest companies are comprised of Optivest Properties, Optivest Inc. wealth management, Optivest Investment Banking and Optivest Foundation. Optivest began in 1987 as a Wealth Management firm and boutique multi-family office for high net-worth families. Optivest Properties launched in 2007, specializing in operating mini-storage facilities across the US, and Optivest Investment Banking launched in January 2013. The greater purpose of these companies is to fund the Optivest Foundation. All three divisions of Optivest contribute 10% of their gross sales to support Christian ministries and non-profit organizations across the globe through the Optivest Foundation. [/ismember]