Buchanan Street Partners recently purchased two self-storage facilities in the greater Phoenix MSA for $41 million. The seller was Garrett Development Corporation, and the properties are located in Cave Creek and Mesa. These projects total 160,500 rentable square feet with 1,620 units at a purchase price of $255 per square foot.
The 2021 constructed facilities offer interior climate-controlled units as well as onsite video surveillance and security access controls for added protection to customers’ belongings. The Cave Creek facility is situated within a high traffic retail shopping center while the Mesa property sits in an area of high population growth with strong visibility from its location within another retail center. Westport Properties Inc., operating under their US Storage Centers brand, will manage both locations third party style .
This acquisition marks Buchanan’s first venture into storage acquisitions within this market area – providing them an opportunity to capitalize on growing demand for self-storage services across Phoenix MSA .
