NAI Horizon Senior Vice President Denise Nunez and associate Victoria Filice represented the Apache Junction seller in the $8.35 million investment sale of American Self Storage and Mail Center, 12220 E. Riggs Road in Chandler.
NAI Horizon represented the seller, Lawhead Family LLC of Apache Junction; and secured the buyer, 535 Wilmot Investors LLC of Phoenix, according to a release.
“The seller was specific that the property be quietly marketed. We sent the deal to 13 potential buyers, which generated five solid offers for a top negotiated price at a 4.8 cap rate on in-place income,” Ms. Nunez said in the release. “The seller had original plans to develop out five concrete pads for additional climate-controlled and drive units. However, the seller never finished the project, which was built in 1999. The buyer, an Arizona LLC, will develop out the site in a market known for its difficulty for approving of self-storage.”
American Self Storage and Mail Center totals 59,239 net rentable square feet and 652 units. It features a mix of standard drive-up and climate-controlled units along with RV parking and six commercial retail store tenants. It is on Riggs Road between McQueen and Cooper roads, the release states.
Ms. Nunez specializes in self-storage, offering local expertise in Arizona and national representation working with NAI offices throughout the U.S.
For more information, go to naihorizon.com.