PHOENIX—A 120,000-square-foot portion of Premier Storage, a 218,748-square-foot self-storage condominium development located at 22230 N. Black Canyon Highway, has been sold for $6 million, or $50.00 per square foot. The 180 unit, value-add property was lender-owned.
Nate Bubeck and Jerry Marrell of Lee & Associates Arizona represented the buyer, Premier Storage Holdings, LLC. Paul Timm of Trust Realty Advisors represented the seller, Premier Storage of North Phoenix Return, LLC.
“The property was 100% leased at the time of sale and was acquired through a 1031 exchange. Deferred maintenance and below market rental rates created an opportunity for the buyer to purchase a controlling interest of a value-add, self-storage facility,” says Bubeck.
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