Rosewood Property Co. has acquired a 70,000-square-foot self storage facility in Tucson, Ariz. According to Yardi Matrix data, Verdad Real Estate sold the asset for $19 million. The sale was subject to a credit line of $12.3 million, held by Prosperity Bank.
Verdad oversaw the property’s sale, with Principal Barbara Guffey of Blue Horizon Storage serving as the broker.
The development previously received $9.8 million in construction financing in 2021 from First Horizon Bank, the same data provider shows. The facility was originally built in 1956 as the home of the Southwest University of Visual Arts. Verdad redeveloped the property that now operates under the Extra Space Storage brand.
The one-story building offers 746 climate-controlled units, ranging from 20 to 300 square feet. On-site amenities include video surveillance, electronic gate access, cylinder locks, moving carts, as well as enough space to accommodate trucks larger than 20 feet.
Located at 2538 N. Country Club Road, the property is some 3 miles away from downtown Tucson. The facility is one of the 15 available within a 3-mile radius, offering residents 2.5 rentable square feet of self storage space per capita.
The acquisition marks the company’s second self storage property in Tucson. Rosewood’s other facility in the market is at 770 N. Kolb Road. Verdad Real Estate sold the 66,429-rentable-square-foot asset earlier this year. Rosewood’s portfolio currently includes 80 self storage assets totaling 6.4 million square feet across 23 states. The company remains bullish on this sector, despite the current economic environment.
