PHOENIX, ARIZONA — NAI Horizon Senior Vice President Denise Nunez represented the buyer in the $2.775 million ($4,752 per unit) investment property acquisition of Tucson Self Storage at 6459 E. Golf Links Rd., in Tucson, Ariz.

Nunez represented Western Tucson LLC in the transaction. Built in 1976, the property sits on 2.53 acres and totals 47,400 net rentable square feet ($58.54/SF). There are 584 units ranging in size from 5×5 to 10×30. Tucson Self Storage has 60 feet of frontage road on Golf Links Road with a traffic count of 46,000 vehicles daily.

“This is the deal that so many are looking for in a market environment where self-storage acquisition opportunities in Arizona are very thin,” Nunez said. “The property is well built and well located on a heavily-traveled street.

“With some physical and operational updates the buyer expects to quickly capitalize on an under-performing property. The property was sold at a 6.1 cap rate based on 39 percent economic vacancy,” Nunez said.

The seller, T/F Limited Partnership, LLLP, was represented by Bill Alter of Rein & Grosseohme in Phoenix.

North Tucson Self Storage, LLC of Tucson Sidney Felker (manager) sold the Storage Facility at 2525 North Tucson Boulevard in Tucson to Extra Space Storage (Charles Allen, member) for $8.163 million ($155 PSF).

Formerly known as North Tucson Self-Storage, the property has been rebranded Extra Space Storage. The 3-story facility is fully air conditioned and has 807 storage units in 52,693-square-feet of rentable space. Built in 1984 on .92 acre it is located two block north of Grant Road on Tucson Boulevard in Central Tucson.

Bill Alter of Rein & Grossoehme Commercial Real Estate in Phoenix specializing in storage facilities was called on to consult the seller on the property and said, “This sale established a new record high price-per-rentable-square-foot, being sold at $155 per-square-foot.”

“Air conditioned storage units are naturally able to charge higher rents and bring a higher resale value to the property as a result,” Alter explained. “This is a new record high price for the Tucson market.”

Extra Space Storage, Inc. (NYSE: EXR) is a real estate investment trust based in Salt Lake City, Utah with regional offices in California, Connecticut, Florida, Maryland, Massachusetts, New Jersey, New York and Texas. Extra Space Storage is the second largest operator of self-storage in the U.S., and is a national owner, developer, acquirer and operator of professionally managed self-storage properties.

Extra Space Storage is a thirty-year old company that has been involved in the self-storage industry since its inception.

According to the company’s website, as of September 30, 2014, the Company owned and/or operated 1,350 self-storage properties in 35 states, Washington, D.C. and Puerto Rico. The Company’s properties comprise approximately 950,000 units and approximately 80.0 million square feet of rentable space. The Company offers customers a wide selection of conveniently located and secure storage solutions across the country, including boat storage, RV storage and business storage. The Company is the second largest owner and/or operator of self-storage properties in the United States and is the largest self-storage management company in the United States.

For more information, Alter can be reached at 602.315.0771 or at Bill@RGcre.com. Felker should be contacted at 520.742.0440 and Charles Allen with Extra Storage may be called at 801.562.5556.

To learn more, see RED Comp #3823.

Bill Alter of Rein & Grossoehme in Phoenix is pleased to announce the sale of Foothills Self Storage located at 4555 N. 1st Avenue in Tucson, Arizona. The sale closed on March 10, 2016 for $7.5 million, which represents approximately $120 per square-foot and at a high 5% cap rate.

The property was constructed in 1996 and consisted of about 62,770-square-feet net rentable area in 636 storage units plus a residence/office and a billboard on property with a long term lease. Occupancy at time of closing was about 95%.

The seller in the transaction was a group of investors/developers from Tucson. The property was purchased by The William Warren Group of Santa Monica, CA and will be re-branded as Stor-Qwest Self Storage.

This was Bill Alter’s 146th self-storage sale. For more information, contact Alter at 602.315.0771 or Bill@RGcre.com.

To learn more, see RED Comp #3725 and login for additional information.

[mepr-show rules=”58038″]Cap rate reported as 5.7%. Gross building area is 69,379 SF rentable area used here excludes residence and hallways from the storage buldings.[/mepr-show]