West Mesa Bargain Storage LLC recently purchased Allstate U-Lok Self Storage in Mesa, Ariz., from FRI Allstate U-Lock LLC for $2.1 million. The asset was sold in an off-market transaction arranged by Norm Herd of Empire Commercial Real Estate.
Constructed in 1974, the property at 1460 W. Broadway Road encompasses 51,360 square feet of storage space, 564 units and 136 RV-parking spaces. The facility traded at a 5.47 percent capitalization rate on its reported income and expenses, according to an Empire Commercial press release. It was 90 percent physically occupied and 59 percent economically occupied at the time of the sale.
The real estate transaction is the second Herd has completed with Bargain Storage, which has been actively acquiring storage facilities in Arizona.
Phoenix-based Empire Commercial Real Estate offers brokerage services for a variety of commercial investment properties including self-storage, retail, medical office and multi-family, and lender-owned real estate and special assets.