Southern Self Storage Acquires Store Safe in Fountain Hills, AZ

Southern Self Storage Acquires Store Safe in Fountain Hills, AZ
Posted: 7/14/2017 Link:
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Southern Self Storage, which operates facilities in Georgia and Florida, has expanded its portfolio to include Arizona. The company recently acquired Store Safe Self Storage in Fountain Hills, Ariz., for approximately $6.2 million through its affiliate Southern Self Storage of Arizona LLC. The asset at 11860 N. Tower Drive was built on 2.6 acres in 1996. It comprises 48,580 square feet in 446 units.

Southern has added new service features including online rentals and reservations, as well as extended call-center hours, according to a press release from Colliers International Group Inc., the real estate services firm that brokered the deal.

“This marks Southern Storage’s first acquisition in the Arizona market,” said Tyler Bush, a Colliers associate in the company’s Phoenix office. “Store Safe represented an opportunity for the buyer to purchase a high-quality, well-performing storage property in an affluent submarket of Phoenix, with high barriers to entry and multiple value-add opportunities to pursue.”

Bush, along with Colliers National Self Storage Practice Group Directors Gary Cooper and Tom Gustafson in Cleveland, represented the seller and procured the buyer. Southern purchased the property from a “tenant-in-common investment” of RKO AZ 2008 LLC and Bahia Associates LLC, which are based in Southern California, the release stated.

Colliers International is a global real estate services firm with 15,000 professionals in 68 countries. The company offers a range of services to real estate investors, occupiers and owners including consultation and execution for property sales, leasing and finance. Other services include appraisal, valuation and tax consulting; custom research; facility, property and project management; and workplace solutions.

Southern Self Storage was launched by owners Peter Cowie and Robert McIntosh in Florida in 1985. The company operates seven facilities in Florida and one in Georgia. The business partners also operate three Northern Self-Storage facilities in the Ontario, Canada, market.

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