Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Valley Warehouse & Storage, a 39,355-square foot, self-storage facility, located in Casa Grande, AZ. The asset sold for $1,125,000, according to Todd Manning, sales manager of the firm’s Las Vegas office.
Cameron Glinton, a senior associate in Marcus & Millichap’s Las Vegas office, secured and represented the buyer, a private investor.
Valley Warehouse & Storage is located at 1040 N. VIP Boulevard in Casa Grande, AZ. The property consists of 348 self-storage units, comprising 39,355 net rentable square feet. The property also includes an industrial/retail space totaling approximately 4,000 square feet. “This is a well-constructed asset, offering a great value-add opportunity, which the buyer was able to acquire for well-below replacement cost at only $26 per-square-foot. The buyer plans to make several capital improvements and provide experienced management, with the goal of re-stabilizing and increasing the long-term occupancy and income of the asset,” says Cameron Glinton, senior associate of Marcus & Millichap’s National Self Storage Group (NSSG.)
