Cushman & Wakefield announced today that the commercial real estate services firm has arranged the sale of three self-storage properties located in Gilbert and Phoenix, Arizona. The final sale price was $39.5 million.
Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s Self-Storage Advisory Group represented the sellers, WDP Partners and Titan Development/TDREF I, in the transaction. Barker Pacific Group acquired the properties.
“Positive metrics in the self-storage market are increasing demand for this asset type,” said Brian Patterson, Vice President of Development for Titan Development. “Through this pandemic we’ve seen a number of our properties accelerate into stabilization, making them a solid acquisition for groups looking to expand their existing self-storage portfolios.”
The Class A self-storage portfolio totals 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces. The properties are located at 670 Gilbert Road, 1965 E. Ray Road in Gilbert, and 34995 N. Valley Parkway in Phoenix.
“The fundamentals of self-storage have remained resilient through the uncertainty of COVID-19,” said Todd Chester of WDP Partners. “We expect that stabilized; cash-flowing self-storage assets will continue to attract buyers heading into the next few years.”
“The properties were in various stages of strong lease-up as they were built in 2019 and 2020,” Beasley said. “The purchase allowed the buyer to expand its competitive footprint in the market, having purchased a Life Storage-managed facility on 16th Street in Phoenix a few months earlier.”