Rosewood Property Co. has acquired a 66,429-rentable-square-foot self storage facility in Tucson, Ariz., for $13.6 million. The company used an $8.8 million acquisition loan from Prosperity Bank, Pima County records show.
Verdad Real Estate sold the asset, which operates under the Extra Space Storage brand. The purchase marks Rosewood’s entrance in the state, as well as the 78th addition to its self-storage portfolio.
According to Yardi Matrix data, the facility was subject to an $8.9 million construction loan in 2022, provided by Origin Bank.
The two-story building previously served as the Gateway 12 movie theater. Redeveloped into a storage facility, the property encompasses 661 climate-controlled units, ranging from 42 to 200 square feet. On-site amenities include moving carts, elevators, electronic gate access and video surveillance.
The facility is located at 770 N. Kolb Road, near the intersection with E. Speedway Boulevard, 9 miles from downtown Tucson and 11 miles from Interstate 10. The property is one of 21 available within a 3-mile radius, offering residents 10.3 rentable square feet per capita. Yardi Matrix data shows that Tucson has 21 storage properties in its supply pipeline, set to add 1.5 million rentable square feet to the existing inventory.
Based in Dallas, Rosewood Property Co. made its first self storage acquisition in 2012. Currently, the company owns 6.2 million square feet of storage space across 23 states.
Verdad oversaw the sale and Managing Principal Barbara Guffey of Blue Horizon Storage served as the broker.
