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Self-Storage Assets Remain Resilient Through COVID Uncertainty

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.

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About Lisa Brown

Lisa Brown has decades of experience in corporate communications and marketing management with organizations including Coldwell Banker Residential, Grubb & Ellis, Marcus & Millichap, NAIOP, SIOR and ALM. In those positions, she worked in conjunction with chief executive officers and chief marketing officers to create corporate messaging, cohesive branding standards, strategic marketing plans and thought pieces. Brown is a frequent speaker at industry events and an editing adjunct professor for an online course. She has a master’s degree in mass communications from San Jose State University.

  • ◦Acquisition
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