The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Southern Pavilion Self Storage of Mesa, a 47,895-square-foot self-storage facility located in Mesa, Arizona.
James Behrmann, Investment Associate in Marcus & Millichap’s Phoenix office, alongside Adam Schlosser, Senior Vice President Investments in the firm’s Denver office had the exclusive listing to market the property on behalf of the seller, HCA Management Co. LLC. “After operating in Mesa for 20 years, the seller was looking to exchange into a different, yet familiar asset class,” said Behrmann. “While the buyer was able to purchase a historically well-performing asset on a signalized hard corner. In the end, it was a good deal for both parties.”
Schlosser added, “We were right in the middle of escrow when the pandemic broke out and it made everyone pause and look around. The facility was able to maintain its revenue during major economic disruption which is a testament to this facility and the self-storage asset class overall.” The buyer, a Phoenix-based industry-leading commercial real estate company known as Wentworth Property Company, was also procured by Schlosser and Behrmann.
Southern Pavilion Self Storage consists of 483 climate-controlled and non-climate-controlled units. The property offers a variety of amenities, including wide-paved lanes for drive-up access, premium security and several self-storage options for consumer convenience, paired with an excellent location ensuring high visibility along Southern Avenue. The facility is within proximity to several heavily traveled thoroughfares and is surrounded by a multitude of residential neighborhoods and national retailers.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
About The LeClaire Group of Marcus & Millichap
The LeClaire Group is a national self storage brokerage team that has closed over $3.7 billion in transactions across the United States. With a combined 60+ years of experience, we have the knowledge and expertise to assist our clients in reaching their short and long-term investment goals. We offer extensive underwriting, customized marketing, and unparalleled transactional expertise to achieve the best price and terms. We pride ourselves in offering unmatched brokerage and advisory services to both institutional and private clients alike. To learn more, please visit:www.leclairestoragegroup.com