Phoenix-area self-storage facility trades for $12.3M
JLL Capital Markets completed the sale of Central Self-Storage in a thriving submarket in Chandler
PHOENIX, Nov. 10, 2021 – JLL Capital Markets announced today that it has closed the $12.3 million sale of Central Self-Storage, a 573-unit self-storage facility in the Phoenix-area community of Chandler, Arizona.
JLL marketed the property on behalf of the seller, Pegasus Group. Invesco Real Estate, a global real estate investment manager, acquired the asset in partnership with Baranof Holdings.
Central Self-Storage comprises six single-story buildings and one covered parking structure that houses 106 climate-controlled and 457 non-climate-controlled units along with 10 parking stalls. Constructed in 1996, the property features secure fencing, electronic access control and 24-hour surveillance, in addition to two offices.
Located at 641 East Warner Rd., Central Self-Storage has more than 450 feet of frontage along the south side of East Warner Road, which is a heavily travelled east-wear thoroughfare with a traffic volume of over 30,000 vehicles per day. The property is in Chandler, which is a thriving Phoenix suburb, and within the 101 Corridor, which is a growing area for technology. More than 32 percent of households within a three-mile radius are renter-occupied.
The JLL Capital Markets team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza, along with Director Carl Beardsley.
“Central Self-Storage is positioned for revenue growth through rate increases to in-place tenants and continued market-rate optimization,” Somoza said.
“Metro Phoenix is experiencing booming population growth, driven primarily by corporate expansion, access to an educated and talented workforce and a high quality of life,” Mellon added.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 92,000 as of June 30, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Pegasus Group
Pegasus Group is a real estate investment and management company that was founded in 1988. Pegasus Group was started to provide low risk, real estate investments, and, for the past 20 years, have focused primarily on the self-storage industry. Through individual ownership and portfolio structures, Pegasus Group currently owns and operates over 50 properties throughout the United States under its national brand Central Self-Storage®.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $85.2 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of June 30, 2021). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; invesco.com.
About Baranof Holdings
Baranof Holdings is a national developer, acquirer and asset manager of self-storage facilities across the United States. Since 2015, Baranof Holdings has developed 17 self-storage assets across major metros including New York, Raleigh, Miami, Austin, Orange County, Los Angeles, San Francisco East Bay, Portland, Seattle and Honolulu and acquired 23 existing self-storage assets. To learn more about Baranof’s portfolio and the team see baranofholdings.com.