JLL Capital Markets announced today that it has closed the $12.3 million sale of Central Self-Storage, a 573-unit self-storage facility in the Phoenix-area community of Chandler, Arizona.
JLL marketed the property on behalf of the seller, Pegasus Group. Invesco Real Estate, a global real estate investment manager, acquired the asset in partnership with Baranof Holdings.
Central Self-Storage comprises six single-story buildings and one covered parking structure that houses 106 climate-controlled and 457 non-climate-controlled units along with 10 parking stalls. Constructed in 1996, the property features secure fencing, electronic access control and 24-hour surveillance, in addition to two offices.
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Located at 641 East Warner Rd., Central Self-Storage has more than 450 feet of frontage along the south side of East Warner Road, which is a heavily travelled east-wear thoroughfare with a traffic volume of over 30,000 vehicles per day. The property is in Chandler, which is a thriving Phoenix suburb, and within the 101 Corridor, which is a growing area for technology. More than 32 percent of households within a three-mile radius are renter-occupied.
The JLL Capital Markets team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza, along with Director Carl Beardsley.
“Central Self-Storage is positioned for revenue growth through rate increases to in-place tenants and continued market-rate optimization,” Somoza said.
“Metro Phoenix is experiencing booming population growth, driven primarily by corporate expansion, access to an educated and talented workforce and a high quality of life,” Mellon added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
