For Immediate Release
Media Contact: Kelly McKone, Executive VP of Real Estate for 1784 Capital Holdings, LLC 602-885-2552
1784 Capital Holdings Purchases Land for Development of
Scottsdale Promenade Self Storage
Scottsdale, AZ - February 1, 2017-- Scottsdale-based 1784 Capital Holdings LLC has announced the acquisition of 2.52 acres near Scottsdale Road and Frank Lloyd Wright Blvd. for development of Scottsdale Promenade Self Storage.
The property, located at 7550 E. Paradise Ln., is situated immediately to the south of Promenade Power Center within the master-planned Scottsdale Promenade development.
The site is adjacent to retail, Class-A office buildings, high-end multi-family housing, resorts, restaurants and auto dealerships.
1784 Capital Holdings will develop a multi-story, fully air conditioned self-storage building of institutional quality. Access to the development will be available from both Paradise Lane and 76th Street.
“We chose the Promenade location because of its impressive demographics and extraordinary fundamentals,” says Shane Albers, chairman and CEO of 1784 Capital Holdings. “The coveted North Scottsdale market is undersupplied with self-storage and faces significant barriers to entry. The market attracts strong rents that are twice the national average. New residential development and prime retail centers within the area solidify the appeal of developing this project within Scottsdale Promenade. We have allocated $250 million for the development of Class-A, institutional-quality self-storage as we continue to expand our national portfolio under the direction of Executive Vice President Kelly McKone.”
1784 Capital Holdings purchased the land parcel from Levine Investments Limited Partnership of Arizona for a price of $1,145,000. Denise Nunez, senior vice president of NAI Horizon negotiated the transaction.
Plans call for 1784 Capital Holdings to break ground on the project this summer. The company is seeking additional opportunities for self-storage development in the Greater Phoenix area.
About 1784 Capital Holdings, LLC
Scottsdale-based 1784 Capital Holdings is a leader in the development and ownership of institutional quality self-storage facilities. The company’s priority is to fulfill the growing demand for quality storage in emerging markets. 1784 Capital Holdings develops new self-storage facilities and strategically acquires existing storage properties that need redesign or repositioning. The company also acquires and repositions existing big-box retail properties. To learn more about the company, visit www.1784CapitalHoldings.com.
READ MORE ABOUT
OUR PROMENADE PROJECT
1784 Capital Holdings LLC
Shane Albers, Chairman and CEO
8777 N. Gainey Center Drive, Suite 191
Scottsdale, AZ 85258
Plans, specifications, included features, available options and elevations are subject to change without notice. All dimensions and square footages are approximate. Renderings are artist conceptions. Plans an renderings are the copyrighted property of 1784 Capital Holdings LLC and Bakken Communities. Reuse of plans is strictly prohibited.