Good Times for Self-Storage
Phoenix's market strength extends out beyond the main asset classes to niche plays such as self-storage, SmartShop CEO Michael Schwartz tells us. Recently the company added to its Phoenix-area portfolio with the acquisition of a 350-unit (32k SF) self-storage property at 3803 S Priest Dr in Tempe, which Michael calls a solid retail location because of its strong demographics.
The company's going to continue to focus on metros like Phoenix, whose projected growth trajectory means long-term value for self-storage, Michael says. The principle at work: the more an economy grows, the more stuff people are going to have to put somewhere, especially well-located, climate-controlled storage units. The SoCal HQ'd company already has a presence in metro Phoenix, with properties in the city of Phoenix, as well as Chandler, Mesa and another one in Tempe. The latest deal brings its portfolio to about 2,800 units.
