Hibernia Capital Advisors has sold Garfield Storage located in central Phoenix. The financial terms were not disclosed.
The buyer was the William Warren Group, a Santa Monica, Calif.-based self-storage owner/operator who will operate the project under its brand name StorQuest Self Storage.
Situated in the core, downtown Phoenix area, Garfield Storage was developed in 2017 and totals 83,710 rentable square feet of class A, institutional-quality, storage space. The store is located at the interchange of Interstate 10 and 16th Street and offers visibility to over 300,000 cars per day.
“We are still positive on the storage industry; it simply felt to be the right time to sell our project in downtown Phoenix. While there are parts of the Valley that may experience some supply issues, we will continue to explore opportunities because we believe in the strength and longevity of the Phoenix market,” said Mark McLoone of Hibernia Capital.
