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Cushman & Wakefield Self Storage Advisory Group Announces Sale in Downtown Phoenix

4/27/2020
PHOENIX, Ariz., April 27, 2020 – Cushman & Wakefield announced today it has completed the sale of Garfield Storage located in central Phoenix. Situated in the core, Downtown Phoenix area, Garfield Storage was developed in 2017 and totals 83,710 rentable square feet of Class A, institutional quality, storage space.

Garfield Storage PHXThe store is located at the interchange of Interstate 10 and 16th Street and offers visibility to over 300,000 cars per day.

The buyer was the William Warren Group, a Santa Monica-based self storage owner/operator who will operate the project under its brand name StorQuest Self Storage. Greg Wells and Paul Boyle with Cushman & Wakefield’s Self Storage Advisory Group handled the transaction on behalf of the seller, an affiliate of Hibernia Capital Advisors, a private real estate and development firm based in Phoenix.

Mark McLoone of Hibernia Capital says “We are still positive on the storage industry, it simply felt to be the right time to sell our project in downtown Phoenix. While there are parts of the Valley that may experience some supply issues, we will continue to explore opportunities because we believe in the strength and longevity of the Phoenix market."

"Even in uncertain economic conditions, Class A, well-located self storage assets in top MSAs are in high demand,” said Greg Wells. "This transaction is an example of the strength of the asset class and its compelling long-term cash flow opportunities and value creation.”

"We are extremely pleased to complete this transaction given the added challenges present from the COVID-19 pandemic. The ability to execute today is a great accomplishment by all parties involved,” said Bill Hobin, CEO of William Warren Group. “The central Phoenix location of this asset fits in nicely with the broader StorQuest Self Storage portfolio and with its freeway visibility adds brand value to all of the other StorQuest locations in the Phoenix MSA."

The Cushman & Wakefield Self Storage Advisory Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S. store features dual entry on the ground floor, as well as two levels of subterranean parking.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWakeExternal Link on Twitter. 

Media Contact

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

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