{"id":1004232692,"date":"2018-05-30T10:32:15","date_gmt":"2018-05-30T18:32:15","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004232692"},"modified":"2022-12-09T02:30:52","modified_gmt":"2022-12-09T10:30:52","slug":"phoenix-area-storage-facility-sells-for-7m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/","title":{"rendered":"Phoenix-Area Storage Facility Sells for $7M"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004232694\" style=\"width: 345px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004232694\" data-attachment-id=\"1004232694\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/more-space-storage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"More Space Storage\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;More Space Storage&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg?w=800\" class=\"wp-image-1004232694 \" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\" alt=\"\" width=\"335\" height=\"271\"><\/a><p id=\"caption-attachment-1004232694\" class=\"wp-caption-text\">More Space Storage<\/p><\/div>\n<p>The Mele Group of Marcus &amp; Millichap has arranged the sale of More Space, a 57,475-square-foot storage facility in Mesa, Ariz. Sunland Partners LTD traded the property for $7.3 million. The brokerage team worked on behalf of the seller and secured the buyer, a joint venture. The transaction marks the 1<a href=\"https:\/\/www.commercialsearch.com\/news\/the-mele-group-brokers-sale-of-ca-facility\/\">7<sup>th<\/sup> self-storage sale arranged by The Mele Group<\/a>.<\/p>\n<p>The facility occupies 7.3 acres near Highway 60, at 4550 East Southern Ave., approximately 24 miles from downtown Phoenix. Around 119,000 people live within a three-mile radius, with an average income of roughly $52,000. The four-building asset, constructed in 1985, was expanded in December 2017 and currently offers 722 units, ranging in size from 25 to 384 square feet, Yardi Matrix data shows. Characteristics of the property include climate control, gate, drive-up access, parking and RV parking and security camera.<\/p>\n<p><em>\u201cThe seller was able to capitalize on the influx of buyers entering the self-storage investment market looking for new, quality facilities that are in the process of leasing up. In this case, bids came from around the country and a buyer from out of state was selected and subsequently closed on this high-quality, recently repositioned asset,\u201d<\/em> said Luke Elliott of The Mele Group, in prepared statements.<\/p>\n<p>The Tampa-based Mele Group has also worked together with Devin Beasley of Marcus &amp; Millichap\u2019s Phoenix office.<\/p>\n<p><em>Image courtesy of Yardi Matrix<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Marcus &amp; Millichap\u2019s Tampa-based self-storage group, together with the firm\u2019s Phoenix office, brokered the sale of the 722-unit asset located in Mesa, Ariz. <\/p>\n","protected":false},"author":871,"featured_media":1004232694,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21783,21742,1601,15],"tags":[32926,34836,36367],"class_list":["post-1004232692","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-investment","category-latest","category-phoenix","category-west","tag-luke-elliott","tag-marcus-millichap","tag-the-mele-group"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Phoenix-Area Storage Facility Sells for $7M - 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-storage-facility-sells-for-7m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Phoenix-Area Storage Facility Sells for $7M\" \/>\n<meta property=\"og:description\" content=\"Marcus &amp; Millichap\u2019s Tampa-based self-storage group, together with the firm\u2019s Phoenix office, brokered the sale of the 722-unit asset located in Mesa, Ariz.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2018-05-30T18:32:15+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T10:30:52+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"620\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Evelyn Jozsa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/\",\"name\":\"Phoenix-Area Storage Facility Sells for $7M - Commercial Property Executive\",\"isPartOf\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/#primaryimage\"},\"thumbnailUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\",\"datePublished\":\"2018-05-30T18:32:15+00:00\",\"dateModified\":\"2022-12-09T10:30:52+00:00\",\"author\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\"},\"breadcrumb\":{\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/#primaryimage\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/05\/More-Space-Storage.jpg\",\"width\":800,\"height\":620,\"caption\":\"More Space Storage\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/phoenix-area-storage-facility-sells-for-7m\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.commercialsearch.com\/news\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Phoenix-Area Storage Facility Sells for $7M\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#website\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/\",\"name\":\"Commercial Property Executive\",\"description\":\"\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.commercialsearch.com\/news\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/7a1fad8f1e02fa4d8f81f7e9ad21736a\",\"name\":\"Evelyn Jozsa\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/#\/schema\/person\/image\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Evelyn-Jozsa-1.jpg?w=96\",\"contentUrl\":\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/04\/Evelyn-Jozsa-1.jpg?w=96\",\"caption\":\"Evelyn Jozsa\"},\"description\":\"Evelyn is a creative writer covering commercial real estate trends and insights in the U.S. Evelyn was previously a senior associate editor at Multi-Housing News and Commercial Property Executive. 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