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11/12/21
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Central Self-Storage, a 573-unit self-storage facility in Chandler, AZ, was purchased for $12.3 mil by Invesco Real Estate, in partnership with Baranof Holdings. The asset was sold by Pegasus Group.
Central Self-Storage comprises six single-story buildings and one covered parking structure that houses 106 climate-controlled and 457 non-climate-controlled units along with 10 parking stalls. Constructed in 1996, the property features secure fencing, electronic access control and 24-hour surveillance, in addition to two offices.
Located at 641 East Warner Rd, Central Self-Storage has more than 450 feet of frontage along the south side of East Warner Rd, which is a heavily travelled east-wear thoroughfare with a traffic volume of over 30,000 vehicles per day. The property is in Chandler, which is a thriving Phoenix suburb, and within the 101 Corridor, which is a growing area for technology. More than 32 percent of households within a three-mile radius are renter-occupied.
Steve Mellon, Brian Somoza and Carl Beardsley with JLL Capital Markets represented the seller in the deal. Somoza noted that Central Self-Storage is positioned for revenue growth through rate increases to in-place tenants and continued market-rate optimization.
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