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Buyer Inks $3M Buy of Combo Asset

GLOBE, AZ-Banking on an economic upswing, a Scottsdale-based investment group has purchased the Copper Country Mobile Home Park & Self Storage property for $2.8 million. The deal boasts some of the only available self-storage units in the mining town.

By Lee Simmons | Updated on May 19, 2004

GLOBE, AZ-With copper commodities at a low ebb and the local economy poised for an upswing, a Scottsdale investment group closes on a $2.8-million purchase of the Copper Country Mobile Home Park & Self Storage property. The buyer hopes leasing activity will increase following improvements.

“It’s hard to find deals that make any sense these days. We liked the price and the cap rate,” Marvin Sampson, a principal with Scottsdale-based Superstition Lookout Delaware LLC, tells GlobeSt.com. “We’re kind of hoping we’re picking it up at the bottom of the downturn of the market. We think there’s some potential there.”

With escrow lasting 65 days, Sampson met Kearney, NB-based Eastlawn LLC’s asking price for the property and has already made $100,000 of road improvements. Additional renovations are slated for the clubhouse. Located at 500 N. Main St., Copper Country was built in 1972, with the self-storage portion added in the early 1980s and completed in 1998.

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