U-Haul Purchases $10.05 Million Storage Facility

GLENDALE, ARIZ. –  Amerco Real Estate (Parent company  of U-Haul) purchased an 80,000 square foot (NRA) storage facility located at 4950 W. Northern Ave. in Glendale, Arizona at sales price of $10,050,000.

The facility opened in May of this year and was offered for sale upon of its certificate of occupancy. By the time the seller, VLC Enterprises, LLC, entered into a contract with Amerco, in mid-June, the facility had reached 20% occupancy. At close of escrow that occupancy figure had risen to 51%.

The single level, 784-unit facility, contains both climate and non-climate controlled units.

Norman Herd, with Quantum Property Advisors, represented the seller in the transaction. He also represented VLC in the purchase of the site in April of 2015.

Herd said, “It’s great to be part of a facility coming to life from its inception, purchasing the vacant parcel of land, obtaining entitlements to build and ultimately selling a great facility to a buyer like U-Haul.”

The total sales price is one of the top two, non-portfolio, transactions in 2018.

Herd has represented VLC on multiple self storage land acquisitions, currently with properties under construction in Peoria and Phoenix. Additional sites are in the planning stages.

About Quantum Property Advisors

Quantum Property Advisors is a real estate services firm that specializes in meeting the needs of the self storage industry. The firm is based in Phoenix, with a satellite office in Seattle. Its services include, brokerage and market related consulting. Norman Herd, Jr., and Quantum Property Advisors can be reached at (602) 562-5500.

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