Business Property Trust sold three self-storage facilities in Tempe for $8.6 million to two separate buyers, according to Cushman & Wakefield, the brokerage team on the transaction.
California-based Tempe Choice Self-Storage paid $4.1 million for the AA Bargain I & II portfolio. The two facilities are located at 1700 E. Curry Rd. and 816 N. Scottsdale Rd.
Between the two facilities there are 380 units and a combined 49,925 square feet. The properties were 90 percent occupied at the time of the sale.
Scottsdale-based KEMF Tempe Storage LLC purchased Tempe Bargain Self-Storage for $4.5 million. The facility at 1964 E. University Dr. has 731 units and sits on 3.22 acres. The property was 82 percent occupied at the time of the sale.
Both the buyers and seller were represented by Cushman & Wakefield’s Executive Directors Paul Boyle and Rick Danis.
“Located near the heart of the major growth Tempe is experiencing, along the Tempe Town Lake/Rio Salado district, all three properties are well positioned to benefit from the abundant infill multi-family housing planned and/or underway. Self-Storage facilities continue to remain popular with both investors and developers in the Phoenix market, in particular sites with infill locations,” Boyle said.