Wentworth Property Company Sells Portfolio of 18 Southwest Properties
PHOENIX, Feb. 1, 2023 – A New York based investment management company has acquired a portfolio of 18 self storage properties in the Southwest for a price of $266,229,000. The porfolio was sold by a joint venture of Phoenix-based Wentworth Property Company and an institutional equity investor.
The portfolio included properties in five states, including Arizona, Texas, Colorado, Utah and Idaho. Combined, the properties contain 9,600 storage units across 1.286 million square feet of rentable space. Six properties are located in greater Phoenix, four properties in Dallas/Fort Worth, two properties in El Paso, three properties in Salt Lake City, two properties in Denver and one asset in Boise.
Wentworth Property Company was able to accomplish the aggregation in just 14 months by working with an institutional equity investor sourced by John Smeck, senior vice president of Debt and Equity Finance with Colliers Arizona. The business plan of the joint venture was to purchase individual properties to aggregate a sizeable portfolio which could benefit from the pricing premium of a portfolio.
The buyer for this off-market transaction was procured by Tom Gustafson, head of Colliers’ National Self Storage team in Cleveland, OH.
John Smeck and Alix Hanna with Colliers Arizona worked with Eastdil Secured’s NYC office (Grant Frankel, Adam Licari, John Caraviello and Lucas Blumenfeld) to arrange $160 million in non-recourse, fixed rate financing for the buyer.