Extra Space Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm, has purchased a StorQuest Self Storage facility in Chandler, Ariz., for $9.5 million. The property at 2150 N. Arizona Ave. comprises 85,411 square feet in 783 units. The asset was 62 percent occupied at the time of the sale, according to a press release from Cushman & Wakefield, the real estate firm that brokered the deal. The seller was listed as Global Chandler 2150 LLC.
The structure was built in 1989 on 8.74 acres as a Target store before being converted to self-storage nearly two years ago. The facility offers mostly climate-controlled spaces with high ceilings and has 20 drive-up units.
“Since opening for business in May 2015, the property has generated strong leasing activity in a short period of time. Excellent demographics surround the asset, and over 5,000 businesses are within a three-mile radius. Newer, modern features include an onsite business center, which continues to become popular with new and/or refurbished facilities,” said Paul Boyle of Cushman & Wakefield, who represented the buyer and seller with fellow executive directors Rick Danis and Greg Wells.
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.
StorQuest is the operating brand for The William Warren Group (WWG), a privately held real estate company. Founded in 1994 and based in Santa Monica, Calif., WWG acquires, develops and operates more than 100 self-storage facilities in Arizona, California, Colorado, Florida, Hawaii, South Carolina and Texas.
Headquartered in Salt Lake City, Extra Space owns or operates 1,427 self-storage properties in 38 states; Washington, D.C.; and Puerto Rico. The company’s properties comprise approximately 960,000 units and 107 million square feet of rentable space.