Westport Tucson Self Storage, an affiliate of Westport Properties and US Storage of Irvine, CA (Barry Hoeven, president) bought two ‘Lock-It-Lockers’ storage facilities at 4115 E Speedway and 2825 N First Ave. in Tucson for an aggregate total sale price of $4.675 million ($4,942 per unit blended).
The property at 4115 E Speedway Blvd commanded a sale price of $2.375 million ($4,969 per unit) for the 478-unit mini-storage project (built 1977) on 1.38 acres. The second property sold for $2.3 million ($4,915 per unit) for the 468-unit mini-storage at 2825 N First Avenue in Tucson (built 1974) on 2.16 acres. Both properties sold with deferred maintenance3 due to age. The Speedway property was reported as almost 100% rented and the First Ave property was about 90% rented at time of sale.
The buyer, California-based, US Storage Centers (USSC) has been around since 1985. USSC develops, owns, operates and manages over 75 facilities, throughout 12 states and totaling over 5.1 million rentable square feet.
USSC is a leader in the self-storage industry through its active involvement in the Self Storage Association and state associations such as the California Self Storage Association. Several members of our management team frequently act as board members, speakers and panelists for industry groups and events. “We believe in the self-storage industry and try to do our part to give back to an industry that has been very good to us over the years,” according to the company’s website.
Bill Alter and Denise Nunez of Rein & Grossoehme handled the transaction on behalf of the buyer and seller, Warehouse Associates IV and IX, of Phoenix. Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.
To learn more Alter can be contacted at (602) 315.0771.
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[mepr-show rules="58038"]Both properties closed on 7/2/2014. The cap rate on First Avenue was reported at a 7.1% cap rate and the cap rate on Speedway was an 8.3% cap. Blended the two properties were at a 7.7% cap. Escrow time was reported at 60-days and market time the same.[/mepr-show]