Paul Boyle, Executive Director with Cushman & Wakefield’s Self Storage Advisory Group in Phoenix represented the buyer in the transaction. M&T Bank provided the acquisition financing.
RV SuperStorage, as it is currently known, offers 594 covered, enclosed and open-air parking spots, in addition to 53 storage units. It is regarded as a top-quality RV storage facility with wide name recognition in the Phoenix metro area. The high-profile location along Interstate 10 has a volume of over 200,000 cars a day.
Upon acquisition, the property will undergo more than $4 million in improvements, including the addition of 450 new covered parking stalls, security upgrades and a complete renovation of the office/welcome center.
“We are ecstatic about our newest Carefree Covered acquisition,” said Barry Raber, BPT’s president and chief executive officer. “When done, this will be the largest covered RV storage property in Arizona. We hope to become a destination location for RV storage and are pleased to be building our brand with this opportunity.”
The Chandler site joins its sister property, in Apache Junction, as the second in the Carefree Covered RV Storage portfolio. The new property is located within Lone Butte Development Park, established by the Gila River Indian Community to economically develop the area.
Carefree Covered RV Storage is seeking additional all-RV storage properties to expand its brand in the Phoenix and Dallas, Texas, metropolitan areas. For more visit www.carefreecoveredrvstorage.com.
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.