Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Phoenix Self Storage, a 128,240-rentable square foot self-storage facility located in Phoenix, Arizona, according to Ari Ravi, regional manager of the firm’s Tampa office.
Devin Beasley, Luke Elliott and Michael A. Mele, self-storage investment specialists at Marcus & Millichap, had the exclusive listing to market the property on behalf of the seller, a private investor. The buyer, a limited partnership investment firm based on the east coast, was also secured and represented by Beasley, Elliott and Mele. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing this transaction.
“Phoenix Self Storage offers many opportunities to dramatically increase value in a short amount of time, making it an excellent purchase,” says Devin Beasley. The Class A asset is located at 3650 West Broadway Road in Phoenix, Arizona, the principal city of the Greater Phoenix Metro Area and part of the second fastest-growing county in the nation. The facility’s thoroughfare is a key component of Phoenix’s $84 million Avenida Rio Salado project, which will widen the roadway to six lanes and result in increased traffic counts upon completion. Situated on 8.62 acres, the facility comprised of 479 climate controlled units, 529 non-climate controlled units and 23 parking spaces for a total of 1,031 units. Phoenix Self Storage is encompassed in a great mixture of surrounding retail and residential activity with a large population of 228,682 individuals in the five-mile radius.
“This transaction cumulated offers from both local and national investors. The Mele Group is uniquely qualified to bring buyers from the east and west coasts, ultimately bringing nearly twice the value local brokers felt the property would trade for,” added Luke Elliott.