Scottsdale-based 1784 Capital Holdings LLC has acquired 2.81 acres at 121 W. Orange Grove in Tucson. The company has begun construction of a two-level, freestanding self-storage facility on the property.
“This property is located at the western edge of the Catalina Foothills mountains and is an ideal location for the growing community of self-storage users,” says Shane Albers, chairman and CEO of 1784 Capital Holdings. “We are committed to the Tucson marketplace and look forward to expanding within the city. We are allocating $250 million for expanding our national portfolio of institutional-quality, Class A self-storage facilities. Executive Vice President Kelly McKone directs these growth efforts as we expand in a variety of markets.”
The 2.81 acres were acquired as two vacant lots. 1784 Capital Holdings LLC purchased the properties from Arizona-based Orange Grove/Oracle LLC and 4-D Properties, LLP. Denise Nunez of NAI Horizon negotiated the purchase transactions.
1784 Capital Holdings is developing 532 storage units on the site in a building totaling approximately 73,250 square feet. Both levels of the facility will offer vehicle access. The business will offer both climate and non-climate controlled storage units. Plans call for the development to be completed and open for renters in the second quarter of 2017.