SmartStop Self Storage (SmartStop®) recently acquired a self- storage facility totaling approximately 350 units and approximately 32,400 net rentable square feet with an aggregate purchase price of approximately $4.4 million. The Tempe, Ariz., self storage facility will be managed by SmartStop® and re-branded under the SmartStop Self Storage trade name.
“This facility is in a solid retail location — a growth market with excellent demographics,” said H. Michael Schwartz, SmartStop’s chairman and CEO. “We will continue to focus on major metros like the greater Phoenix market which offer tremendous long term value.”
Located at 3803 South Priest Dr., the two-story facility is currently 89 percent occupied. Built in 2005, the property offers easy access with grade level drive-up and climate control units.
“The Tempe facility adds a high quality, in-fill, fully air-conditioned store to our growing Phoenix portfolio,” said Wayne Johnson, SmartStop’s chief investment officer (CIO).
In addition to the Tempe property, SmartStop owns five other facilities in the Phoenix market, bringing its total inventory in the market to approximately 2,800 self-storage units.