Self-storage operators KEMF Tempe Storage LLC and Tempe Choice Self-Storage have acquired three Tempe, Ariz., facilities from Business Property Trust in separate transactions for a total of $8.6M. Together, the properties comprise 112,907 square feet, according to a press release from Cushman & Wakefield (C&W), the real estate firm that brokered both deals.
Based in Scottsdale, Ariz., KEMF acquired Tempe Bargain Self Storage for $4.5 million. The facility at 1964 E. University Drive comprises 62,982 square feet in 731 units. Built on 3.22 acres, it was 82 percent occupied at the time of purchase, the release stated.
Based in Woodland Hills, Calif., Tempe Choice acquired the AA Bargain I & II Self-Storage portfolio for $4.1 million. The portfolio includes two facilities at 1700 E. Curry Road and 816 N. Scottsdale Road. Together, the properties comprise 49,925 square feet in 380 units. They were built on 4.44 acres. The facilities were 90 percent occupied at the time of purchase.
Paul Boyle and Rick Danis, executive directors with C&W, represented all parties in the transactions.
“Located near the heart of the major growth Tempe is experiencing, along the Tempe Town Lake/Rio Salado district, all three properties are well-positioned to benefit from the abundant infill multi-family housing planned and/or underway,” Boyle said. “Self-Storage facilities continue to remain popular with both investors and developers in the Phoenix market, in particular sites with infill locations.”
Founded in 1917, Cushman & Wakefield offers a complete range of services for all property types including consulting and appraisal, corporate services, debt and equity financing, investment banking, leasing, and sales and acquisitions. Its Self Storage Practice Group is dedicated to the self-storage asset class. The group offers consulting, data services, feasibility, investment advisory and valuation in major markets.
- AZ Big Media: Three self-storage facilities sell for $8.6M