Bill Alter and Denise Nunez with Rein & Grossoehme Commercial Real Estate closed the sale of a three-property portfolio on November 6, 2014. Two of the properties were located in Mesa, Arizona and one in Glendale, Arizona.
All three had been operated under the name of A Self-Storage. The properties sold for a total of $5,476,000 ($3231 per unit) and consisted of 177,185-square-feet and 1,695 units. All three had occupancy rates of less than 50% and sold for a combined cap rate of 2.6% and a cost per foot of just under $31.00.
The seller was a group of investors from northern California and the new owner is from Portland, Oregon. These sales bring the total number of successful closings for the Alter-Nunez team to 138.
To learn more contact Bill Alter with Rein & Grossoehme Commercial Real Estate in Phoenix at 602-315-0771 or [email protected] . You may also visit www.AZSelfStorageBroker.com