Scottsdale-based 1784 Capital Holdings has announced the acquisition of 2.52 acres at 7550 E. Paradise Lane for the development of Scottsdale Promenade Self Storage.
The goal of 1784 Capital Holdings is to develop a multi-story, fully air conditioned self-storage building of institutional quality. There will be access points to the development on both Paradise Lane and 76th Street.
The property is situated just south of Promenade Power Center within the master-planned Scottsdale Promenade development. The site is adjacent to retail, class A office buildings, multi-family housing, resorts, restaurants and auto dealerships.
“We chose the Promenade location because of its impressive demographics and extraordinary fundamentals,” 1784 Capital Holdings chairman and CEO Shane Albers said in a press release.
“The coveted north Scottsdale market is undersupplied with self-storage and faces significant barriers to entry. The market attracts strong rents that are twice the national average. New residential development and prime retail centers within the area solidify the appeal of developing this project within Scottsdale Promenade. We have allocated $250 million for the development of class-A, institutional-quality self storage as we continue to expand our national portfolio under the direction of Executive Vice President Kelly McKone.”
The company purchased the land parcel from Levine Investments Limited Partnership of Arizona. Plans call for 1784 Capital Holdings to break ground on the project this summer.
The company is seeking additional opportunities for self storage development in the Valley.