A partnership between Barker Pacific Group and Artemis Real Estate Partners has finalized the acquisition of a Life Storage-managed property in Phoenix. The buyer financed its first purchase in the metro with a $9.4 million loan from Hartford Fire Insurance Co. Hawkins Cos. sold the facility for $14.3 million, according to Maricopa County records. At the time of sale, the asset was 70 percent occupied.
Located on a 2-acre parcel at 3325 N. 16th St., the three-story building was delivered in 2019. In January 2018, Foothills Bank originated a $10 million mortgage for the development of the project, Yardi Matrix data shows.
The facility features 29 non-climate-controlled units and 906 climate-controlled units with sizes between 25 and 300 square feet. The property has an on-site manager, drive-up access and video monitoring. Situated close to State Route 51, the site is 4 miles northeast of downtown Phoenix. There are at least 21 other self storage facilities encompassing 1.3 million square feet within a 3-mile radius, according to Yardi Matrix.
The Cushman & Wakefield team that negotiated on behalf of the seller included Director Devin Beasley, Vice Chairman Mike Mele and Executive Managing Director Luke Elliott. In July, the same brokers arranged the sale of Valley Vista Self Storage, a 423-unit facility in Albuquerque, N.M. StorWise Self Storage acquired the property in a 1031 exchange.