Scottsdale-based 1784 Capital Holdings LLC has announced the acquisition of 2.52 acres near Scottsdale Road and Frank Lloyd Wright Blvd. for development of Scottsdale Promenade Self Storage.
The property, located at 7550 E. Paradise Ln., is situated immediately to the south of Promenade Power Center within the master-planned Scottsdale Promenade development.
The site is adjacent to retail, Class-A office buildings, high-end multi-family housing, resorts, restaurants and auto dealerships.
1784 Capital Holdings will develop a multi-story, fully air conditioned self-storage building of institutional quality. Access to the development will be available from both Paradise Lane and 76th Street.
“We chose the Promenade location because of its impressive demographics and extraordinary fundamentals,” says Shane Albers, chairman and CEO of 1784 Capital Holdings. “The coveted North Scottsdale market is undersupplied with self-storage and faces significant barriers to entry. The market attracts strong rents that are twice the national average. New residential development and prime retail centers within the area solidify the appeal of developing this project within Scottsdale Promenade. We have allocated $250 million for the development of Class-A, institutional-quality self-storage as we continue to expand our national portfolio under the direction of Executive Vice President Kelly McKone.”
1784 Capital Holdings purchased the land parcel from Levine Investments Limited Partnership of Arizona for a price of $1,145,000. Denise Nunez, senior vice president of NAI Horizon negotiated the transaction.