Self-Storage Landlord Enters Phoenix Market By Snapping Up Property For $6M
Florida-based Southern Self Storage acquired Store Safe Self Storage at 11860 North Tower Drive in Fountain Hills for $6.1M. The deal marks the company's first acquisition in the greater Phoenix self-storage market, and its first outside of Florida and Georgia.
The 446-unit Store Safe Self Storage was built in 1996 on about 2.6 acres. The new owner has taken steps to increase the value of the property, such as starting online rentals and extending call center hours.
“Store Safe represented an opportunity to buy a well-performing storage property in an affluent submarket of Phoenix with high barriers to entry," Colliers International in Greater Phoenix's Tyler Bush said.
Along with colleagues Tom Gustafson and Gary Cooper, Bush repped the seller, a tenant-in-common investment of RKO AZ 2008 LLC and Bahia Associates, and procured the buyer.
