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11/04/22
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A seven-property self-storage portfolio in Arizona and Minnesota traded hands. The primarily Southwest and Midwest portfolio totals 606.2k sf sf of covered RV/Boat parking, and 20.4k sf of uncovered parking, totaling 5,890 units.
The portfolio was acquired by one of the largest self-storage companies in the world. The seller consisted of various partnerships owned and operated by Bill Levine and Andrew Cohn.
The portfolio consists of six properties spanning four cities in Arizona and one property in Minnesota. The 5,890 units includes climate-controlled and non-climate-controlled units and RV/Boat spaces. The portfolio was approximately 92% leased at the time of sale. The property addresses include:
• 3443 E Indian School, Phoenix, AZ (1,069 units)
• 4602 E Thunderbird, Phoenix, AZ (845 units)
• 4747 N 16th St, Phoenix, AZ (869 units)
• 868 E Hunt Highway, San Tan Valley, AZ (462 units)
• 1019 E Broadway Rd, Tempe, AZ (724 units)
• 31434 N Cave Creek Rd, Cave Creek, AZ (629 units)
• 12001 1-35W S, Burnsville, MN (1,292 units)
Paul Boyle of Cushman & Wakefield’s Capital Markets Self Storage in Phoenix represented both parties in the transaction.
"The portfolio was a rare opportunity to acquire a critical mass of self-storage product with rent growth upside,” commented Boyle. “The properties are well built and have been meticulously maintained by the seller, which recently contributed over $1 mil in capital expenditures to the assets.”
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