Arizona Storage Inn in Phoenix recently sold for $1.9 million, or about $51 per square foot. Built in 2000, the property at 1120 W. Phelps Road encompasses 38,000 square feet of storage space, and includes 259 units and seven RV-parking spots. Amenities include video cameras, extended gate hours and individual unit alarms.
The buyer was 1120 East Phelps Road LLC, which is owned by a Santa Monica, Calif.-based investor. The seller was Bell Road & 12th Street Investors Limited Partnership, an entity controlled by a Phoenix developer. The facility was 75 percent occupied at the time of the sale.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate negotiated the deal, which was their 128th self-storage closing.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.
Arizona Storage Inns operates 17 facilities in the Phoenix-metro area.