Self-Storage operator U-Haul International Inc. has acquired the former Palo Verde Mini Storage in Mesa, Ariz., for $3.9 million, or $70 per square foot. Rebranded as U-Haul Moving & Storage of Riverview, the property at 255 E. McKellips Road includes 57,000 square feet of storage space in 567 units. It also offers vehicle storage, moving and packing supplies, portable storage, and truck and trailer rentals. U-Haul also purchased the adjoining vacant land for expansion.
The seller was the original developer who owned the facility for nearly 30 years, according to a press release by Rein & Grossoehme Commercial Real Estate, the firm that brokered the deal. The facility sold at a capitalization rate on in-place income of 5.3 percent, according to the release.
Established in 1945, U-Haul has more than 40 million square feet of storage space at more than 1,000 owned and managed facilities throughout North America.
Founded in 1993, Rein & Grossoehme specializes in the sale of investment properties and retail as well as office and industrial leasing.
