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.
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