Archive for October, 2013

Orsett purchases second Storage facility

October 1st, 2013 by admin

ORSETT/Gateway LLC, a company formed by ORSETT Properties Ltd. in Phoenix (Curt Feuer, pres.) paid $4.425 million ($76.29 per foot) to acquire the 58,000-square-foot Arrowhead Mini-Storage facility at 19315 N. 83rd Avenue in Peoria. The seller was Arrowhead Mini-Storage Co. LLC in Peoria (Kenneth Golash, Ronald Von Aschersleben, Scott Bittl, members). The sale was brokered by Bill Alter and Denise Nunez of Rein & Grossoehme in Phoenix. The 499-unit project, which was built in 1997, was 80 percent occupied at closing. The buyer acquired the property with a $2.825 million loan from National Bank of Arizona. The purchase is the second mini-storage investment for ORSETT in the Valley. Two weeks ago, BREW reported ORSETT/Gateway LLC paying $1.49 million ($43.18 per foot) to buy the 34,505-square-foot Store It All self storage facility located at 2331 W. Indian School Road in Phoenix. David French, director of acquisitions and advancement at ORSETT, says the company is looking for more investment opportunities in the Phoenix area.