Bill Alter is pleased to announce the sale of Ranch Self Storage in Mesa, AZ which represents his 158th self storage closing in 32 years as a specialist in this property type.
Phoenix, AZ, October 28, 2017 —- Bill Alter is pleased to announce the sale of Ranch Self Storage located at 1930 S. Pennington in Mesa, AZ. The property consists of 7 single-story buildings divided into 367 units, none of which were climate controlled. Occupancy at the time of sale was about 65%. The property was constructed in 1979 and was in need of a number of up-grades in order to compete moving forward. The sale closed on October 26, 2017 for $2,875,000, which represents a cap rate of about 5.5% and a cost per foot of $69.00. Alter says this sale was made particularly difficult by the discovery that it might not have the legal right to drain water into a nearby lake. It was also complicated by the fact that there was environmental contamination that had to be dealt with that was caused by a dry cleaner who had vacated its nearby location over 20 years earlier. The transactional experience of you real estate broker becomes even more valuable when issues such as these arise. This sale represents Alter’s 158th successful closing as a specialist in this property type.
Bill Alter is a founding member of the Arizona Self Storage Association and currently serves on its board of directors. In 2008, he was recognized with AZSA’s Self Storage Pioneer Award for his significant contributions to the association since its inception in 1996 and his continued dedication to the professionalism of the self storage industry in Arizona.
For further information contact Bill at 602-315-0771 or [email protected]
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