VLC Enterprises LLC has purchased 4.15 acres in Phoenix to develop a $7.5 million Assured Self Storage facility. The property on the southwest corner of 48th Street and Baseline Road is in the Pointe South Mountain Business Park. Once complete, it will comprise 100,000 square feet of climate-controlled and drive-up storage, as well as some covered vehicle storage.
VLC was represented in the land acquisition by Norman Herd, principal of commercial real estate firm Quantum Property Advisors. The seller was represented by CBRE Group Inc., a commercial real estate services and investment firm.
“The acquisition of this parcel was very complex and time-consuming. It entailed working with multiple property owners, mixed-zoning categories and required approvals from a strong neighborhood association that originally opposed the project,” Herd said. “The process took over two years to complete and required many negotiations to satisfy all the parties involved.”
Assured Self Storage was founded in Southern California in 1976 by Don Valk, who has constructed, owned and operated more than 70 storage facilities in Arizona, California and Texas. His company currently owns eight facilities in Texas and one in Arizona, and has a second project under development in Peoria, Ariz., at 85th and Northern Avenues, which is expected to open this year, according to its website.
Based in Phoenix, Quantum offers services including brokerage, financial analysis and underwriting, and market-related consulting. Over the past three years, its principals have completed more than $75 million in real estate transactions. It has a satellite office in Seattle.