The sale of Arizona self-storage investment properties continues to hit all-time highs. Gateway Mini-Storage LLC, located at 5750 S. Power Rd., in Gilbert, Ariz., recently closed for $14 million.
NAI Horizon Senior Vice President Denise Nunez exclusively marketed the property on behalf of the seller, Circle G Property Development of Gilbert, Ariz. Nunez also secured the buyer, a national self-storage real estate investment trust. The price is the third-highest recorded for a single Arizona self-storage property.
“These Class A facilities are rare finds,” Nunez said. “Well situated in one of the fastest growing communities in the United States, Gateway Storage, which operated as an Uncle Bob’s Self Storage, was acquired by one of the largest publicly traded REITs in the country.”
At the time of sale, the Class A Institutional quality facility comprised 92,855 net rentable square feet with 669 self-storage units. A Phase III expansion is under construction to add approximately 21,575 additional net rentable square feet. The addition is estimated to be completed in 1Q 2017.
“The timing was right for the partners to maximize value given the low cap rate and record high valuation market environment,” Circle G CFO John Hartman said.