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Phoenix Self Storage Lands New Owner

By Tony Seruga

The 128,240-square-foot facility offers value-add opportunities, adjacent to a thoroughfare that is part of Phoenix’s $84 million Avenida Rio Salado street improvement project.

Marcus & Millichap brokered the sale of Phoenix Self Storage, a 128,240-square-foot property offering 1,031 rentable units. Devin Beasley, Luke Elliott and Michael Mele—self-storage investment specialists at Marcus & Millichap’s The Mele Group—marketed the property on behalf of the seller, a private investor.

The same team represented the seller, a limited-partnership investment firm based on the East Coast. Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing the deal. According to Luke Elliot, the property traded for nearly twice the value estimated by local brokers…

Phoenix Self Storage Lands New Owner

Categories : Commercial Real Estate

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