18 self-storage properties were included in the offering. The porfolio was sold by a joint venture of Phoenix-based Wentworth Property Company and an institutional equity investor. A New York based investment management company acquired the portfolio of 18 self storage properties in the Southwest for a price of $266,229,000. 

The portfolio included properties in five states, including Arizona, Texas, Colorado, Utah and Idaho. Combined, the properties contain 9,600 storage units across 1.286 million square feet of rentable space.  Six properties are located in greater Phoenix, four properties in Dallas/Fort Worth, two properties in El Paso, three properties in Salt Lake City, two properties in Denver and one asset in Boise. 

Wentworth Property Company was able to accomplish the aggregation in 14 months by working with an institutional equity investor sourced by Collier’s John Smeck, from Arizona. Smeck, working with Eastdil Secured’s NYC office, helped arrange $160 million in non-recourse, fixed rate financing for the unnamed buyer.