Guardian Storage Centers LLC, a participating regional operator (PRO) of National Storage Affiliates Trust (NSAT), has purchased a 5.43-acre parcel in Chandler, Ariz., on which it plans to develop a self storage facility. The site at 25710 S. Arizona Ave. was acquired for $1.064 million from LAACO Ltd., parent company of Storage West, which owns 17 locations in Metro Phoenix, according to a press release.
The plans include 62,380 square feet of net rentable storage space in 576 units, some of which will be climate-controlled. The facility will also contain 75 vehicle-parking spaces.
“Recently, there have been multiple facilities constructed within this trade area. But most of these are experiencing strong lease-up and positive rental-rate growth, indicating the potential for another competitor to come in,” said Norman Herd, principal of commercial real estate firm Quantum Property Advisors, which represented Guardian in the transaction.
Headquartered in Irvine, Calif., and led by CEO John Minar, Guardian manages properties in Arizona and California.
Headquartered in Greenwood, Colo., NSAT is a self-administered and -managed REIT focused on the acquisition, operation and ownership of self storage properties within the top 100 U.S. Metropolitan Statistical Areas throughout the United States. The company has ownership interest in more than 550 storage facilities in 29 states. Its portfolio comprises approximately 34 million net rentable square feet.
Based in Phoenix, Quantum offers brokerage, financial analysis and underwriting and market-related consulting. Over the past three years, the company’s principals have completed more than $75 million in real estate transactions. It has a satellite office in Seattle.