By Alexandra Pacurar
Marcus & Millichap brokered the sale of Phoenix Self Storage, a 128,240-square-foot property offering 1,031 rentable units. Devin Beasley, Luke Elliott and Michael Mele—self-storage investment specialists at Marcus & Millichap’s The Mele Group—marketed the property on behalf of the seller, a private investor.
The same team represented the seller, a limited-partnership investment firm based on the East Coast. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing the deal. According to Luke Elliot, the property traded for nearly twice the value estimated by local brokers.
The Class A asset is located on an 8.6-acre lot at 3650 W. Broadway Road in Phoenix and includes 479 climate-controlled units, 529 regular units and 23 parking spaces. The facility’s thoroughfare is a component of the $84 million Avenida Rio Salado project, City of Phoenix’s street improvement initiative that is primarily federally funded. Several retail and residential properties are near the asset, and roughly 230,000 individuals live within a five-mile radius.
“Phoenix Self Storage offers many opportunities to dramatically increase value in a short amount of time, making it an excellent purchase,” Devin Beasley said in a prepared statement.
Image courtesy of Marcus & Millichap