Bill Alter and Denise Nunez closed on the sale of Palo Verde Mini Storage
Bill Alter and Denise Nunez closed on the sale of Palo Verde Mini Storage located at 255 E. McKellips Rd. in Mesa, Arizona. The property sold on April 16, 2015 for $3,925,000, which represents approximately $70 per square foot and a cap rate on in-place income of 5.3%. Palo Verde Mini Storage consisted of about 57,000 square feet and 567 units along with 40 uncovered parking spaces. The seller of the property was the original developer who had owned it for nearly 30 years. The property was purchased by U-Haul, who also purchased the adjoining vacant land for expansion. This sale represents the 141st sale for the Alter/Nunez team.