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Self Storage Asset Changes Hands in Maricopa County

Self Storage Asset Changes Hands in Maricopa County
Posted: 4/26/2017 Link: CPExecutive.com
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The Mele Group of Marcus & Millichap has announced the sale of Tolleson Self Storage in Tolleson, Ariz. Devin Beasley, Luke Elliott and Michael Mele, self-storage investment specialists at The Mele Group, marketed the 26,875-square-foot property on behalf of both the seller and the buyer. According to data provider Yardi Matrix, The Laurel Co. sold the facility to Clear Sky Capital for $2.4 million.

Located at 9620 W. Van Buren St. in Maricopa County, the property comprises 250 units. Built in 2009, the property features additional value offered through permit-ready expansion on the site’s vacant ground, which could almost double the rentable square feet. Amenities include an advanced security system, 24-hour access, state-of-the-art computer systems and fire sprinklers.

“This acquisition provides the buyer with a quality asset that has potential for expansion in a steadily growing market,” Beasley, investment associate in Marcus & Millichap’s Phoenix office, said in a prepared remark.

“This closing marked the 15th self storage transaction The Mele Group has completed in 2017,” Elliott, vice president investments in Marcus & Millichap’s Tampa office, said in prepared remarks.

The transaction was subject to a $2.5 million loan held by Commerce Bank of Arizona. As Yardi Matrix data shows, the facility last traded in March 2016 for $2 million.

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