Southern Self Storage Expands its Portfolio with Addition of Asset in Growing Market

Phoenix,  Arizona – Florida-based Southern Self Storage has purchased the Store Safe Self Storage property at 11860 N. Tower Dr. in Fountain Hills for a price of $6.175 million ($13,845 per unit / $127 PSF).  The 48,580-square-foot property adds a high-end asset in a growing marketplace to the company’s expanding portfolio.

“This marks Southern Storage’s first acquisition in the Arizona market,” says Tyler Bush, associate with Colliers International in Greater Phoenix.  “Store Safe represented an opportunity for the buyer to purchase a high quality, well performing storage property in an affluent submarket of Phoenix with high barriers to entry and multiple value-add opportunities to pursue.”

Bush worked with Tom Gustafson and Gary Cooper, directors of the National Self Storage Practice Group from the Colliers International office in Cleveland, OH in handling the sale. Bush, Gustafson, and Cooper represented the seller and procured the buyer. Southern Self Storage of Arizona, LLC, an entity owned by Southern Self Storage of Palm Beach Gardens, FL purchased the property.  The seller was a tenant in common investment of RKO AZ 2008 LLC and Bahia Associates LLC, whom are based in Southern California.

Store Safe Self Storage was built in 1996 and contains 446 storage units on 2.63 acres of land.  Fountain Hills is recognized as a rapidly growing area within Metro Phoenix and contains limited availability of property for development of self-storage properties.

Southern Self Storage has been an owner/operator of self-storage properties in the Southeast for over thirty years. They currently have seven facilities in Florida and one in Georgia. The company has already implemented new service features for it’s Fountain Hills customers such as online rentals or reservations and extended call center hours.

Asset management services for the seller were provided by Ventura Investment Company, a real estate services firm founded in 1958 and headquartered in southern California with offices in Nevada and Arizona.  Ventura Investment Company specializes in investment, management and disposition of commercial properties and multi-family communities in the Southwestern United States.

Center Sold in 1031 Exchange

PHOENIX, AZ– Colliers International in Greater Phoenix recently sold Scottsdale’s 35,733-square-foot Village at Via Linda shopping center for $3.75 million ($105 PSF) as part of a 1031 exchange.

Arizona Partners of Phoenix, a real estate developer and investment firm, purchased the center, 8989 East Via Linda, from Village of Via Linda LLC of Los Angeles.

Colliers’ Scottsdale office brokered the transaction. Lauren Rodes, a former associate with Colliers, represented the buyer. The seller’s brokers were Mike Milic, vice president, and Tyler Bush, associate; both of Colliers.

The two-story shopping center with office space is situated on 2.67 acres. The center is approximately 60 percent leased to office and retail tenants, including two insurance companies as well as retail tenants such as a flower shop, a pet hotel and a Thai restaurant.

The center is in the “Cure Corridor,” an area along Shea Boulevard to the Scottsdale Airpark which contains a high concentration of bio-life science activity. The property also is south of the Honor Health Scottsdale Shea Medical Center (formerly Scottsdale Healthcare). Loop 101 is less than a quarter mile.

“Village at Via Linda is located in one of the most desirable submarkets in the entire metropolitan region,” Milic said. “It is located within McCormick Ranch, a mature and growing retail, office and residential area, near the Scottsdale Ranch and Gainey Ranch master-planned communities and the Cure Corridor. It is a highly attractive property.”

To learn more Milic can be contacted at 480.655.3328 and Bush can be reached at 480.655.3314.