Baron Real Property Holdings LLC, which specializes in multi-family housing, has purchased Continental Ranch Self Storage in Tucson, Ariz., for $7.15 million. It’s the company’s first foray into the storage market, according to a press release from NAI Horizon, the real estate firm that brokered the deal.
The property at 5650 W. Coca Cola Place is just off Cortaro Farms Road and Interstate 10, adjacent to the Arizona Pavilions Shopping Center. The facility comprises 99,810 net rentable square feet of space in 736 units. It’ll be managed by self-storage real estate investment trust Extra Space Storage and branded under its name.
The buyer and the seller, LPG Associates of Rohnert Park, Calif., were represented in the transaction by NAI Senior Vice President Denise Nunez.
Headquartered in Denver, Baron owns 18 multi-family properties in Arizona, Colorado and Texas. It also has an office in Arizona.
Established in 1992, NAI Horizon has offices in Phoenix and Tucson. A member of NAI Global, it’s a managed network of independently owned commercial real estate brokerage firms. It assists corporations with negotiating leases, sales, business brokerage, investments, relocation, site selection and development.
