A 120,000 SF portion of Premier Storage, a 218,748 SF self-storage condominium development located at 22230 N. Black Canyon Highway, has been sold for $6,000,000, 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,” said 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’ clear height and 14’ doors.
Prologis, one of the most prolific buyers of industrial properties in the Valley, purchased the former Plastican plastic injection molding facility for $6.2M.
The seller was Phoenix Plastican Properties, LLC of Leominster, Mass.
The 106,000 SF property is situated on 21.5 acres and is located at 4101 W. Buckeye Rd. Plans on the excess 15.9 acres call for the construction of 221,00 cross dock industrial building which will be located at the SWC of 43rd Ave. and Buckeye Rd. The speculative building will have 62 dock high doors, 32’ clear height and 82 trailer stalls.
Lee & Associates principals Matt Hobaica and Nate Bubeck represented both the buyer and seller in this transaction.
“This property offers Prologis an excellent opportunity to build a state-of- the-art building at a time when the Phoenix industrial market is showing strong momentum,” Hobaica said.
The 106,000 SF manufacturing building was constructed in 1993 and is situated on 5 acres with a fenced yard. The building offers rail service, 12 dock high doors and 24’ clear height will be reconditioned and offered for sale or lease.