Update 2/28/18 – 1784 Capital Holdings has completed the first phase of Tucson Orange Grove Self Storage in Tucson, Ariz. The two-levels, both offering vehicle access, contain 540 units, some of which are climate control, according to a press release. The second phase of the project, slated to be completed in May, will feature a two-story building containing an additional 180 units.
The property is managed by Life Storage Inc., a self-storage real estate investment trust and management company.
“We are excited to provide a solution to the unmet demand for quality self-storage at the western base of the Catalina Foothills. It’s a privilege to be a part of the community,” Albers said. “This property offers outstanding features, including state-of-the-art security with individually alarmed units. The quality of construction and exceptional interior environment, combined with the unsurpassed service from Life Storage, has created a top-tier facility in the industry.”
2/24/2017 – 1784 Capital Holdings LLC has begun construction of Tucson Orange Grove Self Storage in Tucson, Ariz. The 2.81-acre property at 121 W. Orange Grove was purchased as two vacant lots from Orange Grove/Oracle LLC and 4-D Properties LLP, according to a press release.
The two-story facility is expected to open during the second quarter. It will comprise 73,250 square feet of storage space in 532 units. Both levels will be accessible by vehicle.
“This property is at the western edge of the [Santa] Catalina Mountains and is an ideal location for the growing community of self-storage users,” said Shane Albers, CEO and chairman. “We are committed to the Tucson marketplace, and look forward to expanding within the city.”
1784 Capital has allocated $250 million to expand its national storage portfolio, the release stated. Kelly McKone, executive vice president, is directing the effort.
Earlier this month, the company acquired 2.52 acres of land in Scottsdale, Ariz., to build a storage facility. The property is 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.
The Tucson land purchase was negotiated by Denise Nunez, senior vice president of NAI Horizon, a Phoenix-based commercial real estate brokerage and management firm. A member of NAI Global, the organization is a managed network of independently owned commercial real estate brokerage firms. It 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.