The Cushman & Wakefield Self Storage Advisory Group has been retained as exclusive advisors for selling a CubeSmart Managed facility in Maricopa, AZ. This third-party managed facility is in Maricopa, which is one of the fastest-growing regions within Arizona.
This property represents the rare opportunity to acquire a Class-A, ideally located facility in Maricopa, where the net rentable per capita is 6.71. At the same time, the household income exceeds $77,000 within a three-mile radius. Opening its doors in March of 2021, the property has already surpassed 68% physical occupancy proving to be one of the fastest stabilizing new builds within this market. Comprised of 93,350 net rentable square feet, including 916 climate-controlled units, this facility features drive-in access, allowing customers the luxury and comfort of unloading during Arizona’s summer heatwaves. As mentioned, the property boasts a current physical occupancy of 71%, while the economic occupancy is 49.1% allowing an investor to realize a tremendous amount of upside. The property utilizes a 24-hour video surveillance system and electronic gating to guarantee secure storage.
The property itself sits just off N John Wayne Pkwy, which boasts 32,541 cars per day and provides exceptional visibility from the north and south sides of the major roadway. Located in Pinal County, Maricopa resides just 35 miles south of Phoenix and has seen y-o-y population growth of 2.5% over the last ten years within a 3-mile radius of the facility. Additionally, the city has seen steady permit growth, with 1,679 single-family home permits being issued year to date, up from 1,512 last year. With the growth of single-family homes, developments come the nuance of the single-family home rentals. Maricopa is beginning to plan for that, and developers continue to purchase land for multifamily and single-family rental products.
The facility represents an excellent opportunity to acquire an almost stabilized, new Class-A property within an aggressively growing Maricopa market. With some of Arizona’s most robust rental rates, the low square foot per capita, high median household incomes, and aggressive occupancy growth, this is an ideal investment within a growth market boasting minimal room for new competition.