Our client sought out the expertise of our team to help them sell their mixed-use self storage and business park. The business park was not considered a core asset in their portfolio and they were looking to redeploy capital into an asset closer to their home. The facility was in an older section of the city of Tucson, and due to its mixed-use it did not fit the criteria of many typical self storage investors.
Our team began by assessing the property profile and highlighted the property’s key attributes that would maximize its attractiveness to a potential buyer. Part of the office space was occupied by the self storage management company that managed that property along with a number of others in the region. Both the self storage and the business park were near full occupancy but had room to improve rates. Our team circulated the property through our network of Arizona Self Storage investors and marketed through a multitude of different channels to find a pool of buyers for the property. Multiple offers were generated, with a few coming from each of our advertising methods.
The buyer was an investor who had never purchased self storage before, but had been in contact with our team for many years and was in a 1031 exchange when our client’s property was listed for sale. The buyer needed a lender and our team was able to recommend a number of lenders that would be willing to loan on this property. Because of our comprehensive due diligence checklist, we were able to close escrow quick, fully, and uneventfully within a few weeks.
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