Positive metrics in the self-storage market are increasing demand for this asset type. As a result, three self-storage properties located at 670 Gilbert Rd. and 1965 E. Ray Rd., both in Gilbert, and 34995 N. Valley Parkway in Phoenix recently sold for $39.5 million. Barker Pacific Group acquired the properties from sellers, WDP Partners and Titan Development/TDREF I.
“Through this pandemic, we’ve seen a number of our properties accelerate into stabilization, making them a solid acquisition for groups looking to expand their existing self-storage portfolios,” said Brian Patterson, vice president of development for Titan Development.
The class-A self-storage portfolio totals 2,090 climate-controlled units, 83 drive-up units and 16 parking spaces.
“The fundamentals of self-storage have remained resilient through the uncertainty of COVID-19,” said Todd Chester of WDP Partners. “We expect that stabilized cash-flowing self-storage assets will continue to attract buyers heading into the next few years.”
Devin Beasley, Luke Elliott and Mike Mele of Cushman & Wakefield’s self-storage advisory group represented the sellers in the transaction.
Lisa Brown has more than 30 years of experience in corporate communications and marketing management with organizations including Grubb & Ellis, Marcus & Millichap and NAIOP.
Email the Author
Reach over 250,000 Commercial Real Estate Professionals with Connect
Connect CRE reaches the top commercial real estate players nationwide and across all property types, offering you a variety of ways to showcase your team, your expertise and your brand to CRE decision makers.
ConnectCRE.com
The home for CRE news and everything you need to stay informed on deals, trends, and transactions, providing a platform to get your brand in front of your target audience.
Daily CRE Emails
Reaching over 150,000 inboxes across the nation every day, Connect’s Daily News emails provide advertising opportunities specific to your market.
Bi-Weekly Property Sector Emails
Focus your advertising on emails dedicated to your property sector and stay visible to current and potential clients.
Content Marketing
Position your team as experts in your field with content created by Connect’s editorial team and published on Connect’s news emails. Showcase your intelligence and broaden your reach.
