Bill Alter, agent at Rein & Grossoehme Commercial Real Estate, represented the seller in the sale of Tucson Self Storage, a 40 year-old, 1st generation self storage facility located on Golf Links Road in southeast Tucson, Arizona. The property consisted of 584 units in 8 buildings totaling approximately 47,000 net rentable square feet of space. It was sold to an individual investor from California for $2,775,000. The sale price equates to a cost per foot of nearly $60 and a cap rate of 6.1%. The seller believes this was an excellent sale considering the age and condition of the property.
Bill Alter is managing director of the self storage group at Rein & Grossoehme Commercial Real Estate in Scottsdale, Arizona. He has over 30 years of experience in commercial real estate specializing in acquisition and disposition of self storage properties. Bill has helped countless owners of storage facilities, including individuals, partnerships, public institutions, pension funds and lenders achieve their strategic goals relating to their self storage assets. He has provided consulting services, assisting clients with feasibility and buy/sell decisions.
Mr. Alter is a founding member of the Arizona Self Storage Association. In 2008, he was recognized with AZSA’s Self Storage Pioneer Award for his significant contributions to the association since its inception in 1996 and his continued dedication to the professionalism of the self storage industry in Arizona.
Bill has been the predominant self storage broker in Arizona for over 30 years and this represented his 156th successful self storage closing. He can be reached at Bill@RGcre.com.