CBRE Investment Management takes ownership of self-storage facility near Phoenix

A fund sponsored by CBRE Investment Management has acquired a 70,070-square-foot self-storage facility located in a northwest suburb of Phoenix. The acquisition is aligned with the fund’s strategy to acquire high-quality self-storage assets across the U.S. as demand remains strong for this sector.

Located at 17061 W. Custer Lane in Surprise, Ariz., the self-storage asset, which will operate under the StorQuest brand, is a recently built, class A, four-building, single-story facility composed of 562 units, 431 of which are interior climate-controlled. The property also features LED lighting, 24-hour security and convenient tenant access.

“With demand driven by forces outside the general economy, the U.S. self-storage sector has positive fundamentals that are likely to continue to strengthen as increased home ownership and flexible work-from-home policies drive demand for extra storage space across a diverse set of household demographics,” said Justin Shanahan, dep