Bar 4 Mini Storage, a self-storage facility in Gilbert, Ariz., sold recently for $4 million. The sale price reflected a capitalization rate of 7.81 percent and $68 per square foot.
The facility consists of 11 buildings totaling 58,340 square feet on 5 acres. There are 500 storage units, 159 open parking spaces and three cell towers on the property.
The seller was a single-person entity based in San Diego. The buyer was a business entity created by Business Property Trust, a Portland, Ore.--based investment company specializing in small-business industrial properties and self-storage facilities.
The deal was negotiated by Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate, a Scottsdale, Ariz.-based firm specializing in the sale of investment properties and commercial leasing.