Spensa Development Group LLC has purchased the StorageOne self-storage facility at 7375 S. Tenaya Way in Las Vegas from Smith Brothers Realty for nearly $3.9 million, or about $57 per square foot. Built in 2005, the 67,520-square-foot self-storage facility sits on just less than 3 acres, zoned for commercial use. The sale of the 367-unit property closed after a 90-day escrow period. The facility was 80 percent occupied at the time of sale.
Greg Engel of Spensa Development Group LLC represented the buyer. Ryan Howse of Preston Matthews represented the seller.
StorageOne is a Las Vegas-area operator with 28 self-storage facilities in Arizona, California and Nevada, with 26 of those locations in Nevada. The South Tenaya Way location had a partnership with U-Haul, according to the company website. The company is an affiliate of Preston Matthews, an indepently owned and operated real estate brokerage company based in Las Vegas.
Based in Scottsdale, Ariz., Spensa Development acquires, develops and operates real estate investments throughout the United States. Its portfolio includes properties in Nevada, California, Oregon and Tennessee.