Extra Space Storage Inc., one of four publicly traded U.S. self-storage real estate investment trusts, recently purchased two Phoenix-area facilities for $9.3 million. A 630-unit property in Mesa, Ariz., was built in 2000 and sold for $4.45 million. A 548-unit facility in Chandler, Ariz., was built in 1986 and sold for $4.86 million.
The sellers were related entities controlled by Phoenix investors. The aggregate sale price equates to approximately $71.50 per square foot. Both properties were approximately 70 percent occupied at the time of closing.
Bill Alter and Denise Nunez of Rein & Grossoehme Commercial Real Estate negotiated both sales. The firm specializes in the sale of investment properties and commercial leasing.
Headquartered in Salt Lake City, Extra Space owns or operates 974 self-storage properties in 35 states; Washington, D.C.; and Puerto Rico. The companys properties comprise approximately 649,000 units and 71 million square feet of rentable space.