WDP Glendale Storage purchased West Glendale Self Storage in Glendale, Ariz., from Ivicevic Self Storage LLC for $4.9 million. It will be managed by US Storage Centers, which owns, operates or manages more than 75 self-storage facilities in 10 states.
The facility encompasses 79,544 square feet of storage space. It includes 788 units, 272 RV-parking spaces and eight contractor lots. It was 58 percent occupied at the time of sale, according to a press release from Empire Commercial Real Estate, which brokered the off-market transaction. The property sold at a capitalization rate of 5.02 percent, and the transaction closed in mid-October.
Norman Herd, a partner with Empire Commercial, represented the buyer and seller in the deal. The Phoenix-based company 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.