Land for Self Storage Development – Gold Canyon, Arizona
Our client purchased this property as an investment in the early 2000’s and had planned to construct a self storage facility via joint venture with a local developer. Necessary entitlement approvals were obtained; however, just as they were preparing for construction, the economy faltered and with it the plans for construction. The client held the land during the following years, keeping in touch with our team for advisory on the best time to revive the project.
Because our team monitors development activity nationwide, we were able to advise the client of the soonest possible time to enter the market with the project and effect a sale. Another benefit to our development tracking reports is the resource and ability to immediately approach the most active and viable self storage developers with the opportunity. We quickly procured a number of offers and eventually the buyer, who was not local to the market but had developed in it before. Upon arriving at a mutually agreeable purchase agreement, we transitioned to the due diligence period of the transaction where our team really shines. Our team was able to locate since lost documents and vendors that were part of the original development process. Though we did not represent the buyer in this transaction, we were able to help with several local vendor referrals. Despite these challenges, we were able to gather all the necessary documents for the due diligence in a timely manner and guide the parties through a short and uneventful escrow.
In the end, both parties were satisfied with the results of this transaction for several reasons. First, our vigilant watch of the self storage market supplied our client with the information to sell at the right time and receive an optimal offer price from a buyer who was happy to pay it. Second, our diligent demeanor in gathering necessary items kept this transaction moving in a timely manner. Third, our experience in negotiations helped both parties arrive at quick, mutually agreeable compromises throughout the escrow process.