Scottsdale-based 1784 Capital Holdings LLC acquired 2.81 acres at 121 W. Orange Grove in Tucson. The company has begun construction of a two-level, freestanding self-storage facility on the property.
The 2.81 acres were acquired as two vacant lots. 1784 Capital Holdings LLC purchased the properties from Arizona-based Orange Grove/Oracle LLC and 4-D Properties, LLP. Denise Nunez of NAI Horizon negotiated the purchase transactions.
“This property is located at the western edge of the Catalina Foothills mountains and is an ideal location for the growing community of self-storage users,” says Shane Albers, chairman and CEO of 1784 Capital Holdings. “We are committed to the Tucson marketplace and look forward to expanding within the city. We are allocating $250 million for expanding our national portfolio of institutional-quality, Class A self-storage facilities. Executive Vice President Kelly McKone directs these growth efforts as we expand in a variety of markets.”
1784 Capital Holdings is developing 532 storage units on the site in a building totaling approximately 73,250 square feet. Both levels of the facility will offer vehicle access. The business will offer both climate and non-climate controlled storage units. Plans call for the development to be completed and open for renters in the second quarter of 2017.