1784 Capital Holdings LLC, a Scottsdale, Ariz.-based real estate developer, has purchased 4.8 acres in Surprise, Ariz., on which it plans to build a self-storage facility. The property at 14120 and 14150 N. Litchfield Road was acquired from Levine Investments Limited Partnership in Phoenix for $836,628. The site is just north of the intersection with Waddell Road.
1784 Capital plans to build a multi-story facility comprising 110,470 square feet of storage space in more than 800 self-storage units as well as vehicle parking. The site can accommodate up to 18,000 square feet of additional storage space should the operator choose to expand, according to a press release. Construction is slated to begin in October, with completion expected in September 2018.
“This dynamic area of Greater Phoenix has seen substantial residential growth, which has created demand for quality self-storage facilities,” said Kelly McKone, executive vice president of real estate. “Our strategic goal is to provide the finest, high-quality, customer-focused self-storage property in the area.”
The company’s Arizona portfolio consists of approximately 1 million square feet of self-storage in varying phases of planning, design and operation, the release stated. Construction recently began on Tucson Orange Grove Self Storage in Tucson, Ariz. Expected to open during the second quarter, the two-story facility will comprise 73,250 square feet of storage space in 532 units. 1784 Capital is also developing 2.52 acres in Scottsdale, Ariz. The site is within the master-planned Scottsdale Promenade development, which includes and is adjacent to high-end multi-family housing, office buildings, resorts and retail.
“We are committed to design and build class-A self-storage facilities in highly visible, thriving communities that we are proud to own and that provide an outstanding customer experience,” said Shane Albers, chairman and CEO. “In the next 12 months, we expect to add several million square feet of self-storage in various stages of construction and operation throughout the U.S.”
The Surprise transaction was brokered by Denise Nunez, senior vice president of NAI Horizon, a 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, 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.