Bill Alter is pleased to announce the sale of Ranch Self Storage located at 1930 S. Pennington Street in Mesa, AZ. The sale closed on October 26, 2017 at a selling price of $2,875,000. This price represents a cap rate of about 5.5%. Ranch Self Storage was constructed in 1979 and consists of 7 buildings, none of which were climate controlled. The site is about 2.3 acres in size. The facility contains about 41,700 square feet divided into about 367 units. Occupancy at time of closing was about 65%. The seller in the transaction was a limited liability company controlled by 4 local investors. The property was purchased by Wentworth Properties. Bill Alter has specialized in self storage facility brokerage for over 32 years and this was his 158th sale.
For more information contact Bill Alter at 602-315-0771 or Bill@RGcre.com. You may also visit WWW.RGCRE.com/author/BillA
Rein & Grossoehme specializes in the sale of investment properties and commercial leasing.