By Paul Boyle,
Cushman & Wakefield, AZSA Member
In the first quarter, there were 8 self-storage transactions in the Phoenix metropolitan statistical area (MSA), consisting of 7 individual property sales and 1 portfolio. National Storage Affiliates purchased the portfolio from Bargain Storage, including properties in Phoenix, Tucson, and other states.
Of the 7 individual properties, one was recently completed and another was a certificate of occupancy (C of O) acquisition. The average price per square foot of these two deals was $150, whereas the average for all 7 properties was $111.07 per square foot. Capitalization rates (cap rate) averaged 6.23% and average unit price was $14,130 per unit.
Three new self-storage facilities opened in the first quarter, adding 1,300 units to the Phoenix inventory. There are currently 19 under construction, which would add 12,000 additional units to the Valley's supply of self-storage. In addition, there are 54 facilities in various stages of planning.
For more information, contact Paul Boyle at 602-224-4414, firstname.lastname@example.org.