Westport Peoria Phoenix Self Storage Acquires Two Arizona Facilities

Posted: 11/16/2018 Link:
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Westport Peoria Phoenix Self Storage LLC has acquired two U.S. Storage Centers locations in Arizona. The properties at 19315 N. 83rd Ave. in Peoria and 2331 W. Indian School Road in Phoenix comprise 92,805 square feet in 943 units. Each offers climate-controlled units and boat/RV storage. They were 88 percent occupied at the time of the sale.

The seller was Phoenix-based Orsett Storage LLC, an affiliate of commercial real estate development firm Orsett Properties Ltd. The buyer and seller were represented in the transaction by Paul Boyle and Rick Danis, executive directors for global real estate services company Cushman & Wakefield.

“The sellers received several offers for the stabilized portfolio, which had little deferred maintenance issues and are well-positioned for the purchaser to increase their yield through rent growth,” Boyle said in a press release. “The self storage industry remains popular with investors on a local and national level, and demand continues to outweigh supply.”

The U.S. Storage Centers brand, operated by Westport Properties Inc. (WPI), has more than 120 self storage facilities nationwide. Founded in 1985 and based in Irvine, Calif., WPI is a real estate investment company that acquires, develops and operates self storage facilities and provides third-party management services. Its portfolio comprises more than 9 million rentable square feet in 15 states.

Founded in 1972, Orsett develops, owns and manages commercial real estate. It specializes in industrial, office and retail projects. The U.S. Storage Centers locations were the only self storage properties in the company’s portfolio, based on listings published on its website.

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