Marcus & Millichap Arranges the Sale of a 128,240 Square Foot Self-Storage Facility in Phoenix, Arizona
Summary
The facility’s thoroughfare is a key component of Phoenix’s $84 million Avenida Rio Salado project, which will widen the roadway to six lanes and result in increased traffic counts upon completion.Ryan Sarbinoff, regional manager of the firm’s Phoenix office, assisted in closing this transaction.“Phoenix Self Storage offers many opportunities to dramatically increase value in a short amount of time, making it an excellent purchase,” says Devin Beasley.The facility’s thoroughfare is a key component of Phoenix’s $84 million Avenida Rio Salado project, which will widen the roadway to six lanes and result in increased traffic counts upon completion.Phoenix Self Storage is encompassed in a great mixture of surrounding retail and residential activity with a large population of 228,682 individuals in the five-mile radius.“This transaction cumulated offers from both local and national investors.The Mele Group is uniquely qualified to bring buyers from the east and west coasts, ultimately bringing nearly twice the value local brokers felt the property would trade for,” added Luke Elliott.About Marcus & Millichap (NYSE: MMI)With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services.