Minnesota-based self-storage operator Spensa Management LLC has purchased a 22,345-square-foot office building in Scottsdale, Ariz., for $3.5 million. The company will use office space in the building to serve as the local headquarters for its Desert Storage operating brand. The building is 43 percent occupied with business tenants, according to the source.
Desert Storage operates 10 self-storage facilities in the Phoenix metro area. Amenities include climate control, drive-in storage access, wine storage, boat/RV storage and some office-space rentals.
The company purchased the Scottsdale office building from K2H Pinnacle Peak Place LLC, a firm based in Vancouver, British Columbia, Canada, according to the source. Joe Welchert, a broker with Phoenix Commercial Advisors, represented Spensa in the deal. The seller was represented by vice presidents Mike Milic and Philip Wurth as well as associate Tyler Bush of Colliers International.
“The transaction represented a solid opportunity for Spensa Management to acquire a great office property at below replacement cost in a highly desirable area of Scottsdale,” Milic told the source.
Spensa Management is related to Spensa Development Group, a real estate investment company specializing in self-storage acquisitions and development. The company is also headquartered in Scottsdale, with satellite offices in Minnetonka, Minn., and Portland, Ore.