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.
Located in the Deer Valley submarket with frontage along Black Canyon Highway, Premier Storage was constructed in 2008 and is situated on 11.73 acres. It features units of various sizes with 16-foot clear height and 14-foot doors.
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