Bill Alter is pleased to announce the sale of Foothills Self Storage located at 4555 N. 1st Avenue in Tucson, Arizona. The sale closed on March 10, 2016 for $7,500,000, which represents approximately $120 per square foot and a cap rate of about 5.7%. The property was constructed in 1996 and consisted of about 62,770 square feet and 636 storage units plus a billboard on a long term lease. Occupancy at time of closing was about 95%. The seller in the transaction was a group of investors/developers from Tucson. The property was purchased by The William Warren Group and will be re-branded as Stor-Qwest Self Storage. This was Bill Alter’s 146th self-storage sale. For more information contact Bill Alter at 602-315-0771 or Bill@RGcre.com.
Specializing in commercial real estate for over 20 years, Rein & Grossoehme is consistently recognized as a market leader in Arizona and provides services in retail leasing and sales, office leasing and sales, industrial leasing and sales, land and pads, self storage properties, multi-family properties, single tenant triple net leased properties, and tenant representation.