Phoenix-based U-Haul International Inc., which operates more than 1,500 self-storage facilities across North America, has acquired a newly built facility in Glendale, Ariz., for $10.05 million. The property at 4950 W. Northern Ave. opened in May and was offered for sale upon Certificate of Occupancy, according to a press release. The single-level facility comprises 80,000 square feet of space in 784 units.
The seller, VLC Enterprises LLC, was represented in the transaction by Norman Herd, principal of commercial real estate firm Quantum Property Advisors. He also represented VLC in the purchase of the land in April 2015. “It’s great to be part of a facility coming to life from its inception, purchasing the vacant parcel of land, obtaining entitlements to build and ultimately selling a great facility to a buyer like U-Haul,” Herd said.
VLC has recently completed several land acquisitions, and has properties under construction in Peoria and Phoenix, Ariz. Additional sites are in the planning stages, the release stated.
Established in 1945, U-Haul owns more than 32 million square feet of storage space. The company’s corporate sustainability initiatives, which support infill development to help local communities lower their carbon footprint, has led to dozens of conversion projects in recent years.
Based in Phoenix, Quantum offers brokerage, financial analysis and underwriting, and market-related consulting. Over the past three years, the company’s principals have completed more than $75 million in real estate transactions. It has a satellite office in Seattle.