{"id":1004189451,"date":"2017-09-05T07:23:04","date_gmt":"2017-09-05T15:23:04","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004189451"},"modified":"2022-12-08T19:37:29","modified_gmt":"2022-12-09T03:37:29","slug":"phoenix-area-self-storage-assets-find-out-of-state-owner","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-area-self-storage-assets-find-out-of-state-owner\/","title":{"rendered":"Phoenix-Area Self-Storage Assets Find Out-of-State Owner"},"content":{"rendered":"

By Alexandra Pacurar<\/p>\n

\"Strongbox<\/a>

Strongbox in Apache Junction, Ariz.<\/p><\/div>\n

The Mele Group of Marcus & Millichap facilitated the sale of Ironwood and Strongbox\u2014two self-storage facilities in Apache Junction, Ariz., comprising 608 units\u2014to a buyer based outside of Arizona. Specialists in the firm\u2019s Phoenix, Tampa and Sacramento offices brokered the transaction. Prior to the deal, the Apache Junction self-storage portfolio belonged to an out-of-state private investor.\u00a0<\/p>\n

One of the facilities, Ironwood, is located on 4.8 acres at 1678 Superstition Blvd. It consists of\u00a0398 units\u2014345 non-climate-controlled units ranging from 25 to 600 square feet, 13 offices and 40 boat\/RV spaces. Ironwood\u00a0offers 60,442 rentable square feet, with physical occupancy of roughly 89 percent and economical occupancy of 76.2 percent. The property has excellent visibility and signage along Superstition Boulevard. By relocating the office area, it is possible to expand units within the space.<\/p>\n

Less than one mile from Ironwood, Strongbox occupies 1.5 miles\u00a0at 1735 West Apache Trail. The self-storage facility comprises 210 units, including 203 non-climate-controlled units, ranging from 50 to 250 square feet and seven office spaces. The property offers 26,522 rentable square feet, with a physical occupancy of roughly 79 percent and an economic occupancy of 66 percent. Office tenants include computer repair and mobile sales services. The asset is close to State Route 88 and U.S. Highway 60.<\/p>\n

Shortage of climate-controlled\u00a0units<\/h2>\n

Both assets, built in 1997, are located in the vicinity of residential communities and retail options and adjacent to manufactured home parks.<\/p>\n

Michael Mele and Luke Elliott, investment specialists in Marcus & Millichap\u2019s Tampa office, Devin Beasley of the firm\u2019s Phoenix office and Daniel Kuchugurny of the Sacramento branch had the exclusive listing to market the property on behalf of the seller. Kuchugurny and Edward Nelson, investment specialists in Marcus & Millichap\u2019s Sacramento office,\u00a0secured and represented the buyer, while Broker Brian Tranetzki assisted in closing the transaction.<\/p>\n

\u201cThe purchase of the portfolio provides the buyer with an incredible opportunity to convert various units to climate-controlled spaces<\/a> in order to take advantage of a shortage in the market,\u201d<\/em> says Beasley.<\/p>\n

Image courtesy of Marcus & Millichap<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Marcus & Millichap’s The Mele Group arranged the sale of a 608-unit self-storage portfolio, offering 86,963 square feet of rentable space. The two facilities offer value-add opportunities. <\/p>\n","protected":false},"author":236,"featured_media":1004189532,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21742,1601,15],"tags":[32864,36368],"class_list":["post-1004189451","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-latest","category-phoenix","category-west","tag-marcus-and-millichap","tag-the-mele-storage-group"],"acf":[],"yoast_head":"\nPhoenix-Area Self-Storage Assets Find Out-of-State Owner - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-self-storage-assets-find-out-of-state-owner\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix-Area Self-Storage Assets Find Out-of-State Owner\" \/>\n<meta property=\"og:description\" content=\"Marcus & Millichap's The Mele Group arranged the sale of a 608-unit self-storage portfolio, offering 86,963 square feet of rentable space. 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