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May. 21, 2014

Business Property Trust Picks Up Broadway SelfStorage for $1.1M

By Balazs Szekely, Associate Editor

Tucson’s Broadway Self Storage changed hands recently, a trade publication reports. A limited liability company paid $1.1 million to acquire the facility from Broadway Wilmot Self Storage L.L.C.

The buyer is associated with a Portland-based business-property trust, and the company that sold the property is owned by a Tucson investor. The seller was represented by Jeff Gorden, vice president of brokerage services for Eagle Commercial Realty Services, a commercial real estate property-management and brokerage firm serving Arizona and Texas. Bill Alter and Denise Nunez of  Rein & Grossoehme Commercial Real Estate spoke for the Portland firm in the transaction. The company is focused on the sale of investment properties and retail, office and industrial leasing. The acquisition of Broadway Self Storage was Rein & Grossoehme’s  130th self-storage closing since its inception in 1993.

Also known as Smart Bargain Storage, the facility is located at 6444 E. Broadway Boulevard in Tucson’s southeastern residential submarket, right next to Park Palace Mall. Built in 1985, the property was originally used as a health club for 22 years. It was converted to a three-story self-storage facility in 2007 and it now includes 30,000 square feet of storage space and 482 climate-controlled units.

According to a press release, occupancy of the building was 60 percent at the time of the closing.

Photo credits: Google Maps

 

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