Bill Alter closed on the sale of Palo Verde Mini Storage located at 255 E. McKellips Rd. in Mesa, Arizona. The property sold on April 16, 2015 for $3,925,000, which represents approximately $70 per square foot and a cap rate on in-place income of 5.3%. Palo Verde Mini Storage consisted of about 57,000 square feet and 567 units along with 40 uncovered parking spaces. The seller of the property was the original developer who had owned it for nearly 30 years. The property was purchased by U-Haul, who also purchased the adjoining vacant land for expansion. This sale represents the 141st sale for Bill.
For more information contact Bill Alter at 602-315-0771 or Bill@RGcre.com. You may also visit www.AZSelfStorageBroker.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.