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May 25, 2020
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Investor Spends $9.3 Mil on Two Phoenix Self-Storage Properties


Irvine-based Westport Peoria Phoenix Self Storage LLC purchased two U.S. Storage Centers in Phoenix for $9.34 mil.The properties, located at 19315 N. 83rd Ave and 2331 W. Indian School Rd, were sold by Phoenix-based Orsett Storage LLC.

The two U.S. Storage Centers have a total of 943 units and are a combined 92.8k sf in size. Each property features climate controlled units, onsite office managers, and RV and boat storage. At the time of sale, the properties were 88 percent occupied.

Cushman & Wakefield’s Paul Boyle and Rick Danis represented both parties in the deal.

“The sellers received several offers for the stabilized portfolio, which had little deferred maintenance issues and are well positioned for the purchaser to increase their yield through rent growth. The self-storage industry remains popular with investors on a local and national level and demand continues to outweigh supply,” said Boyle.

According to Cushman & Wakefield research, self-storage capitalization rates have stabilized and could increase slightly within the next 12 months due to the increase in interest rates. Additionally, buyers continue to recognize the risk of new supply entering the market and are more conservative in underwriting, where there is a significant potential for new supply. Most market participants are anticipating a transition given the supply-side issues impacting the underlying fundamentals.

While there are concerns about new supply and increasing cap rates, there continues to be a significant amount of capital that is still looking to be placed in the sector. Historically high returns from self-storage REITs continues to attract new market participants, according to C&W.

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