Commercial real estate firm Wentworth Storage Co. LLC (WSC) and development partner Crow Holdings have acquired 11.08 acres in Scottsdale, Ariz., on which they plan to build a two-story self-storage facility. The Pima 101 project at 17492 N. 91st St. will comprise 120,000 square feet, according to a press release. Construction is scheduled to begin during the second quarter, with completion expected during early 2018.
The land was purchased from SWVP DC Ranch LLC for $4.35 million. It’s east of the Loop 101 freeway at 91st Street and Pima Road. “There is roughly a population of 140,000 within five miles of the site and limited storage options in the area,” said Dave King, WSC’s vice president of self-storage. “The site will have visibility from the 101 freeway, which carries approximately 100,000 cars per day.”
WSC has been actively seeking self-storage acquisition and development opportunities. In February, it acquired a 1.6-acre property in Phoenix on which it will build a 100,000-square-foot storage facility. The company has closed on more than $160 million in self-storage projects in the last year. It’s evaluating or under contract on another 1 million square feet of self-storage nationwide, according to the release.
Based in Phoenix, WSC was founded more than 40 years ago. The company has been involved in more than 7 million square feet of development and acquisition transactions, and has a current portfolio of 1.3 million net rentable square feet. It is the self-storage division of commercial real estate firm Wentworth Property Co. LLC.
Sources:
- AZ Big Media: 11.08 Acres Purchased in North Scottsdale for $4.35M
- Scottsdale Independent: $4M North Scottsdale Land Purchased for Self-Storage Facility
