MESA, AZ-Just two weeks after it went on the market, a private investor picked up a 500-unit self-storage facility in a $3.7-million, all-cash deal that sparked a bidding war between buyers.

Augusta Ranch Self Storage generated so much interest as an investment property that it drew six offers within the two weeks it was on the market, Fred Simanek, with Fritzco Real Estate tells “It’s a unique property because it’s a self-storage facility located on a retail corner between retail tenants,” Simanek said. “In the world of self-storage, this is no longer an industrial outlet.”

The 55,000-sf property with 51 parking spaces for recreational vehicles is located at Guadalupe and Ellsworth roads and is adjacent to an Osco Drug Store, Sonic restaurant and Exxon Mobil service station, all currently planned for development at the intersection. The area also is the site of two housing developments that will bring more than 1,200 new homes to the area.

Former owner Power Partners LLC began construction on the storage center in December and opened it in May. Thirteen weeks after opening, the facility was 40% rented, said Simanek, who represented the seller in the transaction. The new buyer, who did not want his name disclosed, purchased the self-storage center when it was 54% occupied, he added.


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