SAN DIEGO – May 19, 2015 – Cushman & Wakefield today announced the sale of Tempe Warner Self Storage at 1835 E. Warner Rd. in Tempe, Arizona for $6,700,000. Greg Wells of Cushman & Wakefield, Director of the Self-Storage Industry Group represented the seller, Hibernia Tempe, LLC, and procured the buyer, StorQuest Self Storage.
The 52,200-square-foot self-storage building offers 100% drive-up access units and is located on a major commercial thoroughfare in Tempe. The property was a strategic addition to the existing StorQuest portfolio in the greater Phoenix area.
“The self-storage investment market is incredibly active right now. An abundance of capital from multiple sources, outstanding operating fundamentals and a lack of new supply have all contributed to this level of activity,” said Wells.
This sale is the third closing in the past 30 days for the Cushman & Wakefield Self Storage Industry Group. The 3 transactions included 26 properties totaling approximately 1,850,000 square feet spread across seven states with a combined transaction value in excess of $150 million.