Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate recently closed on the sale of a two-property self-storage portfolio. The properties were located at 1735 W. Apache Trail and 1678 W. Superstition Blvd., both in Apache Junction, Arizona.
The properties consisted of 94,000 net rentable square feet of space, which included 567 storage units, 20 commercial/retail suites and 41 covered RV parking spaces. Overall occupancy at the time of sale was approximately 60%. The combined sales price was $2.45 million, which equates to a cap rate of 7.3% and cost per foot of $26.
The seller was an individual investor from La Quinta, California and the buyer an individual from Santa Barbara, California. These sales bring the total number of successful closings for the Alter-Nunez team to 140.
To learn more contact Bill Alter at 602-315-0771 or [email protected].