Silver Bayou LLC recently purchased Storage Masters Self Storage in Mesa, Ariz., from Val Vista Lakes Self Storage LLC for $6.5 million. The facility has been rebranded as Storage West Self Storage.
The property at 3840 E. Baseline Road encompasses 61,701 square feet of storage space on 4.25 acres of land. It features 558 storage units, about half of which are climate-controlled, and 50 RV-parking spaces. Built in 1999, the property is constructed of concrete block and has a metal-seamed roof.
The facility was 83 percent occupied at the time of sale, according to a press release from Empire Commercial Real Estate, which brokered the transaction. Norman Herd, a partner with Empire, represented the seller in the deal. The Phoenix-based company offers brokerage services for a variety of commercial investment properties including self-storage, retail, medical offices, multi-family housing, and lender-owned real estate and special assets.
Storage West Self Storage is the operating brand for LAACO Ltd., a California limited partnership that acquires, develops and builds self-storage facilities. The company owns more than 48 facilities in Arizona, California, Nevada and Texas. The connection between LAACO between Silver Bayou is unclear.
Sources:
- Rose Law Group Reporter: $5M+ Deals – $14.175M Multi-family Sale, Self-Storage, and Retail
