Cushman & Wakefield negotiated the sale of three self-storage facilities for $8.6 million. The three Tempe, Ariz. properties, sold by Business Property Trust, included AA Bargain I & II Self-Storage Portfolio at 1700 E. Curry Road and 816 N. Scottsdale Road and Tempe Bargain Self-Storage at 1964 E. University Drive.
Cushman & Wakefield’s Executive Directors Paul Boyle and Rick Danis represented the buyers and the seller.
Tempe Choice Self-Storage of Woodland Hills, Calif. paid $4.1 million for the AA Bargain I & II Self-Storage Portfolio. Sitting on 4.44 acres, the two self-storage facilities have a total of 380 units and a combined 49,925 square feet. The properties were 90% occupied at time of sale.
KEMF Tempe Storage, LLC of Scottsdale, Ariz. paid $4.5 million for Tempe Bargain Self-Storage. The 62,982-square-foot self-storage facility has a total of 731 units and sits on 3.22 acres. The property was 82% occupied at the time of sale.
“Located near the heart of the major growth Tempe is experiencing, along the Tempe Town Lake/Rio Salado district, all three properties are well positioned to benefit from the abundant infill multi-family housing planned and/or underway. Self-Storage facilities continue to remain popular with both investors and developers in the Phoenix market, in particular sites with infill locations,” said Paul Boyle.