Hannay Investment Properties recently took over the operation of three self-storage properties in Arizona, one as the court-appointed receiver and two for a lender.
In December, Maricopa County Superior Court appointed Hannay Investment Properties as the Receiver for Arizona Self Storage in Glendale. The lender, CW Capital Asset Management, requested the court appoint Hannay as the receiver for the property, which secured a loan for $3.5 million.
At the lender’s request, Hannay also took over the management and operation of two self storage facilities, one in Laveen and one in Casa Grande, on behalf of Wells Fargo Bank in January. Hannay’s self-storage operations are headed up by Reid Bracken, who has extensive experience in the operation of self-storage properties throughout the southwestern United States.
Phoenix-based Hannay Investment Properties is a 50-year-old privately-owned commercial real estate services and investment firm. The company currently has receivership and property management operations in Arizona, California and Nevada.