1784 Capital Holdings LLC intends to develop a self-storage facility on 2.52 acres in Scottsdale, Ariz. The company acquired the property at 7550 E. Paradise Lane for about $1.15 million. It’s within the master-planned Scottsdale Promenade development, which includes and is adjacent to high-end multi-family housing, office buildings, resorts and retail. The company plans to break ground on Scottsdale Promenade Self Storage this summer, according to a press release.
“We chose the Promenade location because of its impressive demographics and extraordinary fundamentals,” said Shane Albers, chairman and CEO. “The coveted North Scottsdale market is undersupplied with self-storage and faces significant barriers to entry. The market attracts strong rents that are twice the national average. New residential development and prime retail centers within the area solidify the appeal of developing this project within Scottsdale Promenade.”
The building site is near the major thoroughfares of Frank Lloyd Wright Boulevard and Scottsdale Road. 1784 Capital also has a project underway in the Phoenix suburb of Ahwatukee and indicated it’s actively looking for other opportunities in the area. It has allocated $250 million to expand its national portfolio, the release stated, and recently announced a project in Bethesda, Md. Executive vice president Kelly McKone is leading the company’s expansion plan.
The Scottsdale deal was brokered by Denise Nunez, senior vice president of NAI Horizon, a full-service commercial real estate brokerage and management firm. NAI Horizon is a member of NAI Global, a managed network of independently owned commercial real estate brokerage firms. The company assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.
Founded in 2013 and based in Scottsdale, 1784 Capital acquires, develops, constructs and owns self-storage facilities. Its subsidiary, 1784 Solar LLC, provides short-term construction financing for solar projects in Canada and the United States.