Orsett Properties, a Phoenix-based commercial real estate development and management firm, has purchased Arrowhead Mini Storage, a self-storage facility in Peoria, Ariz., for $4.43 million. The property at 19315 N. 83rd Ave. comprises 58,000 square feet in 499 units.
Arrowhead was the original builder of the facility, which was 80 percent occupied at the time of closing.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate negotiated the deal. The firm specializes in the sale of investment properties and commercial leasing. The transaction was the 121st self-storage closing handled by Alter and Nunez.
Originally founded in Boston in 1972, Orsett Properties has operated in the Arizona commercial real estate market for nearly 20 years. The company develops and operates office, industrial and retail projects in the Northeast and Southwest.