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Self-Storage REIT Public Storage Buys Arizona Facility for $3M

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Public Storage Inc., a self-storage real estate investment trust, has purchased a facility from Val Vista Storage LLC in Mesa, Ariz., for $3 million. The deal for the 56,800-square-foot facility was brokered by Norman Herd of Empire Commercial Real Estate.

Built in 1998, the facility offers 393 units, about one-third of which are climate-controlled. The property offers substantial visibility on a heavily traveled street, Herd said.

Val Vista Storage is a Phoenix-based investment group with holdings in Arizona and Colorado.

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.

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