Washington, DC-based real estate development and investment firm Vertical Fields Capital has sold a vehicle storage facility in Gilbert, AZ, to an undisclosed buyer. The property, located at 105 East Baseline Road, has been operating under the A-Secured Vehicle Storage brand.
“We sold A-Secured Vehicle Storage now because we achieved our intended operational improvement of the property faster than originally projected,” said Frederick McCarthy, founder and managing member of Vertical Fields.
Financial terms of the deal weren’t available. Through an affiliate, Vertical Fields Capital and Canada-based storage developer Macritchie Storage bought the property in July 2015. Since then, occupancy at the facility has gone up nearly 30 percent. The facility sits on nearly 11.4 acres and features more than 167,000 net rentable square feet. Customers primarily use the 556 units to store RVs.