Sales Velocity, Development Show No Signs of Slow Down
By Paul Boyle
Cushman & Wakefield, AZSA Member
There were 30 self-storage transactions in Arizona last year, including 8 in the 4th quarter. This is the largest number of transactions in Maricopa County in the last 5 years. Of these 30 transactions, 13 were included in 3 portfolio sales, while 4 of the properties were acquired by first time buyers in the Phoenix market. There were also 11 self-storage or RV/boat land sites acquired in 2018.
A total of 22 facilities opened in 2018, including 6 in the final quarter of the year. By comparison, looking back, 25 new facilities opened in 2017. Looking forward for 2019, there are now 33 facilities under construction. They comprise just under 3 million square feet, which is almost twice as much as during the last quarter of 2017, when there were 18 facilities under constructions. In addition to the 33 under construction, 49 self-storage and RV/boat facilities are in the planning/proposed stage.
The 4th Quarter 2018 Self-Storage Investment Report includes summary and detailed information on these sales and developments. For more information, contact Paul at Paul.Boyle@cushwake.com, 602-244-9000.