Population growth spurs JLL sale of self-storage portfolio
JLL’s Capital Markets experts today announced the sale of a two-property self-storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate (“CHC-RE”).
Brian Somoza and Steve Mellon led the JLL team on the sale.
“New, institutional-level construction, excellent visibility and local barriers to entry, made this portfolio an attractive offering,” said Somoza. “Even more so, strong projections for economic and population growth in both the Phoenix and Denver metro areas should result in a sound investment for the new ownership.”
Together, the properties total 147,521 square feet and 1,425 units. Features of the facilities include: Drive-up units, climate controlled units, secure fencing with electronic access control, 24-hour video surveillance and retail-oriented customer service offices.
Completed in 2017, the Arizona property is located approximately 17 miles northwest of downtown Phoenix at 7910 W. Beardsley Road in the Phoenix suburb of Glendale. Comprised of one, three-story building totaling 96,950 square feet and 955 units, the facility benefits from a highly visible location and strong surrounding demographics. More than 120,000 cars pass by the property on Route 101 per day and the average household income within a 3-mile radius is more than $90,000 per year.
Completed in 2016, the Colorado asset is approximately 10 miles southwest of downtown Denver at 11645 W. Belleview Avenue in the Denver suburb of Littleton. Totaling 50,571 square feet and 470 units, the facility is comprised of one, three-story building and two, one-story buildings. The property is surrounded by a population of approximately 80,400 within a 3-mile radius, with an average household income of $98,000 per year. The facility should benefit from strong surrounding demographics in the long term because of barriers to entry that include scarce infill locations and strict local development regulations.
Marcus & Millichap sells Human Bean
Marcus & Millichap, a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of The Human Bean Ground Lease @ ASU, a 546-square foot net-leased property located in Tempe, AZ, according to Ryan Sarbinoff, regional manager of the firm’s Phoenix office. The asset sold for $1,300,000.
Mark Ruble, Jamie Medress and Chris Lind, investment specialists in Marcus & Millichap’s Phoenix office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured and represented by Ruble, Medress and Lind.
The Human Bean Ground Lease @ ASU is located at McClintock & University in Tempe, AZ.
Marcus & Millichap closes multifamily sale
Marcus & Millichap also announced the sale of Revival Tempe, a 14-unit apartment complex located in Downtown Tempe. The asset commanded a sales price of $2,583,800 or $184,557 per unit.
Rich Butler, a Senior Vice President Investments specializing in multifamily product in Marcus & Millichap’s Phoenix office had the exclusive listing and negotiated the transaction on behalf of the seller, a local limited liability company and the buyer, an out of state 1031 exchange investor.
“Revival Tempe is comprised of well-designed and remodeled two bedroom two bath townhouse-style apartment homes. All units include new flooring and countertops, en-suite washers and dryers, new bathrooms and kitchen cabinets with stainless steel appliances, as well as new entry front and back doors. In addition to finishing the interior upgrades, the new owner has plans to complete the exterior enhancements which includes additional covered parking, new block walls surrounding the private back patios and a security access gate,” said Butler.
“Strategically positioned walking distance from Arizona State University, the Mill Avenue entertainment district and some of the top attractions in Tempe, Revival Tempe provides the perfect living experience for the young professional, college student or millennial tenant base that the property now attracts. These popular destinations include Sun Devil Stadium, Tempe Town Lake, Papago Park, Phoenix Zoo, ASU Gammage Auditorium, and the Mill Avenue/Third Street Metro light rail station,” added Butler.
Phenix Salon Suites signs lease
ORION Investment Real Estate recently leased 6,895 square feet to Phenix Salon Suites. They signed a 10-year lease at the power intersection of 48th Street and Ray Road. There are several notable tenants at the intersection, including Burlington, Ross, Marshalls, Sprouts, AMC Theatres, Best Buy, and Target.
Judi Butterworth, Senior Vice President of ORION, facilitated the lease. Butterworth said, “Phenix Salon Suites will bring hundreds of customers every day to this location. They have been seeking a location in the affluent Ahwatukee trade area for a few years.” They are scheduled to open fourth quarter of 2018.
The Owner is DDRA Ahwatukee Foothills LLC and Ahwatukee Foothills Towne Center, Phase III.
The Tenant, Dapeng LLC dba Phenix Salon Suites, is a franchisee that has opened two locations, with two currently under development.