Self-Storage Real Estate Investment Trust Public Storage Buys Arizona Facility for $7.2M
Copyright 2014 by Virgo Publishing.
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Posted on: 03/22/2013



 

Public Storage Inc., a self-storage real estate investment trust, has purchased a facility from Vault Storage LLC in Surprise, Ariz., for $7.2 million. The deal for the 76,125-square-foot facility was brokered by Norman Herd of Empire Commercial Real Estate.

The storage property at 13360 W. Willow Ave. features 702 air-conditioned units on 2.83 acres. It also features a rooftop solar-power system that supplies all of the facility’s energy needs, and a reclaimed-water system for onsite irrigation. Since their installation, the two systems have reduced facility operating expenses by more than $20,000 per year, Herd said.

The acquisition also includes two adjacent, 1-acre out-parcels for future development.

Based in Glendale, Calif., Public Storage has interests in 2,068 self-storage facilities in 38 states with approximately 132 million net rentable square feet. Operating under the Shurgard brand name, the company also has 189 facilities in western Europe with approximately 10 million net rentable square feet.

Empire Commercial Real Estate focuses on single-use properties, including self-storage investments, mobile home parks, hotels and apartment real estate.