Phoenix-based AMERCO Real Estate Co., the development and acquisitions entity for The U-Haul Co., recently purchased the two-facility self-storage portfolio of AAA Safe Storage & Mini Mart in Kingman, Ariz., for $3.4 million. The facilities, 4011 Stockton Hill Road and 3179 Harrison St., encompass 100,600 rentable square feet and 659 drive-up units. The properties also include two retail buildings that previously operated as convenience stores.
In addition, AMERCO purchased an adjacent tract of land at the Stockton Hill location with plans to expand, according to a press release.
The seller, a family trust, was represented by Jeff Gorden of Eagle Commercial Realty Services. Gorden is the Arizona broker affiliate for the Argus Self Storage Sales Network, a Denver-based network of real estate brokers who specialize in storage properties. Formed in 1994, the company has 36 broker affiliates covering nearly 40 markets.
AMERCO Real Estate is owned by AMERCO, which also owns U-Haul International Inc., Oxford Life Insurance Co. and Repwest Insurance Co. The company acquires existing buildings for conversion to self-storage, existing self-storage facilities and bare land. It also sells its surplus properties, provides feasibility and market studies nationwide, and leases office, commercial and industrial space, including land for billboards and cellular phone towers.
Established in 1945, U-Haul has 36 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.