3 Tempe Self-Storage Facilities Fetch More Than $8M
Business Property Trust sold three self-storage facilities in Tempe for a total of $8.6M to two different buyers. Tempe Choice Self-Storage of Woodland Hills, Calif., paid $4.1M for the AA Bargain I and II Self-Storage portfolio. The two self-storage facilities have a total of 380 units on 4.4 acres and are 90% occupied.
KEMF Tempe Storage of Scottsdale paid $4.5M for Bargain Storage. The facility, which is 82% occupied, has a total of 731 units and sits on 3.22 acres.
“Located near the major growth that Tempe's experiencing, all three properties are well-positioned to benefit from the infill multifamily housing planned or underway," Cushman & Wakefield senior managing director Paul Boyle said. "Self-storage facilities continue to remain popular with both investors and developers in the Phoenix market, in particular sites with infill locations.”
Along with executive director Rick Danis, Boyle repped the buyers and the seller.