Buchanan Street Partners paid $41 million for the two projects. These are Buchanan’s first storage acquisitions within the greater Phoenix MSA. The seller was Garrett Development Corporation.

The projects are in Cave Creek and Mesa. The facilities total 160,500 rentable square feet and 1,620 units. The properties were acquired at a total purchase price of $255 a square foot.

The Phoenix Business Journal reports both facilities were constructed in 2021 and offer self-storage space with interior climate-controlled units, onsite video surveillance, and security access controls. The Cave Creek facility is in a market north of Phoenix and is favorably situated within a high traffic retail shopping center. The Mesa facility sits in a high population growth trade area in southeast Phoenix and is also favorably located in a retail center, offering strong traffic and visibility for the property. Westport Properties, Inc. will act as third-party manager for the facilities, operating the properties under their US Storage Centers brand.