Sure Lock Mini Storage in Peoria, Ariz., recently sold for $4.3 million, or about $56.50 per square foot. Built in 1985, the property at 8780 W. Bell Road encompasses 76,200 square feet of storage space and includes 645 units.
The buyer was a limited liability company owned by Business Property Trust of Portland, Ore. The seller was New River Development Co. LLP in Wichita, Kan. The facility was 70 percent occupied at the time of the sale.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate represented the buyer and seller in the transaction, which was their 129th self-storage closing. Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.