Broadway Self Storage in Tucson, Ariz., recently sold for $1.1 million to a limited-liability company controlled by business-property trust based in Portland. The seller was Broadway Wilmot Self Storage LLC, which is owned by a Tucson investor.
Built in 1985, the property at 6444 E. Broadway was originally a health club. It was converted to a three-story self-storage facility in 2007. It includes 30,000 square feet of storage space and 482 climate-controlled units. Occupancy was 60 percent at the time of the closing.
The seller was represented by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, a commercial real estate property-management and brokerage firm serving Arizona and Texas.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate represented the buyer in the transaction, which was their 130th self-storage closing. Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail, office and industrial leasing.