Cushman & Wakefield Negotiates $9.5 Million Transaction

Cushman & Wakefield announced today that Extra Space Storage purchased the StorQuest Self Storage facility, located at 2150 N. Arizona Avenue in Chandler, Ariz., for $9.5 million from Global Chandler 2150, LLC of Chandler.

Cushman & Wakefield’s Executive Directors Paul Boyle, Rick Danis and Greg Wells represented both the buyer and the seller in the sales transaction.

“Since opening for business in May of 2015, the property has generated strong leasing activity in a short period of time. Excellent demographics surround the asset and over 5,000 businesses are within a 3-mile radius. Newer, modern features include an on-site business center which continues to become popular with new and/or refurbished facilities,” said Boyle.

Built in 1989 as a Target, the property was converted to a self-storage facility in May 2015 to offer 783 brand new, climate controlled units, including 20 drive-up units. Encompassing 8.74-acres, totaling 85,411 square feet of space, the facility features well-lit, spacious units with high ceilings and a state-of-the-art security system. The property was 62% leased at the time of sale.

The company plans to operate the newly acquired facility under the Extra Space Storage name. As the second largest storage unit operator in the U.S., Extra Space Storage owns and operates over 1,400 self-storage properties across 35 states.

About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 43,000 employees in more than 60 countries help investors and occupiers optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $5 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. To learn more, visit www.cushmanwakefield.com or follow @CushWake  on Twitter.