Teakwood Real Estate Partners has acquired a 33,265-square-foot storage facility in Mesa, Ariz. According to Yardi Matrix data, the previous owner, BPI Capital Management, sold the asset for $4.6 million. The property is also subject to a loan of $2 million, originated by Academy Bank.
Teakwood represented itself in the transaction. Westport Properties will manage and operate the facility under the US Storage Centers brand. Westport Properties manages eight assets in the Phoenix market totaling 567,528 square feet, Yardi Matrix data shows.
Completed in 1983, the four-building facility sits on 1.6 acres and encompasses 292 non-climate-controlled units, ranging from 50 to 250 square feet. On-site amenities include 24-hour video surveillance, gated access, moving supplies, drive-up access and parking spots.
Located at 462 S. Gilbert Road, the property is in the heart of Mesa, near the intersection of South Gilbert Road and East Broadway and just 21 miles from Phoenix. The facility is one of the 21 available within a 3-mile radius, offering residents 7.3 rentable square feet per capita.
Since the beginning of the year, Westport Properties has expanded its portfolio under the US Storage Centers brand, as Gelt Inc. acquired a 55,025-square-foot storage facility in La Crescenta, Calif. In January, the company also finalized the construction of a 1,182-unit facility in Los Angeles. The latest acquisition under the brand was made last month, with the addition of two facilities in Chicago and Willmette, Ill.