Extra Space Storage purchased the StorQuest Self Storage facility, located at 2150 N. Arizona Avenue in Chandler, Ariz., for $9.5 million from Global Chandler 2150, LLC of Chandler, according to Cushman & Wakefield.
Built in 1989 as a Target, the property was converted to a self storage facility in May 2015 to offer 783 brand new, climate controlled units, including 20 drive-up units. Encompassing 8.74-acres, totaling 85,411 square feet of space, the facility features well-lit, spacious units with high ceilings and a state-of-the-art security system. The property was 62% leased at the time of sale.
The company plans to operate the newly acquired facility under the Extra Space Storage name. As the second largest storage unit operator in the U.S., Extra Space Storage owns and operates over 1,400 self storage properties across 35 states.
Cushman & Wakefield’s Executive Directors Paul Boyle, Rick Danis and Greg Wells represented both the buyer and the seller in the sales transaction.
“Since opening for business in May of 2015, the property has generated strong leasing activity in a short period of time. Excellent demographics surround the asset and over 5,000 businesses are within a 3-mile radius. Newer, modern features include an on-site business center which continues to become popular with new and/or refurbished facilities,” said Boyle.