Self-Storage Development & Acquisitions Still Brisk in Metro PHX
By Paul Boyle
Cushman & Wakefield, AZSA Member
AZSA members attending the Phoenix Networking Breakfast on Aug. 29 at the Cushman & Wakefield office were pleased to hear Paul Boyle's development report, indicating eleven (11) new self-storage facilities officially opened for business during the first half of 2017, accounting for over 976,000 square feet and 7,500 + units. Over half of the newly completed facilities were the southeast valley, with six (6) completions. Year to date, fifteen (15) additional self-storage complexes are under construction, totaling over 1.8 million square feet. Over 4+ million square feet of new construction is planned.
On the acquisition side, the Desert Storage portfolio sale dominated second quarter 2017 activity. A joint venture involving Life Storage, formerly Uncle Bob's, bought eighteen (18) facilities, including eleven (11) in Arizona, nine (9) of which are in Scottsdale. In addition to these eleven (11) in Maricopa County, another seven (7) additional property sales were recorded in the county during the second quarter.
Investors continue to search the market for existing facilities as well as new development opportunities.
For a complete summary of the self-storage development market, contact Paul Boyle (email@example.com, 602-224-4414).