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PHOENIX-An investment group from Seal Beach, CA, has acquired Armored Mini Storage for $3.3 million.
Washington Murietta I LLC, led by Albert Womble, purchased the 44,351-sf self-storage facility from Phoenix-based Elwell Gerard Inc., headed by president Gene Cox. Located at 2845 N. 52nd St., the eight-year-old Armored Mini Storage has 721 climate-controlled units. The facility is 90% leased.
"For a self-storage facility, $3.3 million is a pretty good amount," says Kent Greenwald, vice president and self-storage director for Phoenix-based Coldwell Banker Commercial Metro, tells GlobeSt.com. "Cox is well known as a pioneer in self-storage in the Valley, and with the market the way it is--with so much demand for self-storage product--he thinks it's a good time to be a seller." Cox has developed, owned or operated more than 60 self storage facilities in the Valley.
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