Cushman & Wakefield Brokers Sale of Oklahoma Self Storage Facility
- Feb 19, 2021
Cushman & Wakefield has arranged the sale of Tulsa Hills Storage, a 266-unit self storage property located in Tulsa, Okla. The brokerage represented the seller and the buyer, which are private investors.
Built in two phases between 2018 and 2019, the 57,000-square-foot facility includes 71 climate-controlled units, 176 non-climate-controlled units and 19 parking spaces. The units have drive-up access, electronic gate access, a fully-fenced perimeter and 24-hour video surveillance.
According to Yardi Matrix, the nine-building asset was developed with two Mabrey Bank loans, which total $7.5 million. In December of last year, Tulsa Hills became subject to a $5 million loan originated by a private lender.
Located at 8610 S. Elwood Ave., on a 3-acre site, the facility is within 4 miles of Interstate 44. The property is also 16 miles from Tulsa International Airport and 9 miles from the city’s downtown.
Cushman & Wakefield’s brokerage team included Trey Hammond, Mike Mele and Luke Elliott. In November 2020, Mele and Elliott represented the seller of a Life Storage-managed property in Phoenix. The asset traded for $14.3 million.