------ Monolith Group Development :: Tatum Storage Facility @ 18625 N. Tatum Blvd. Scottsdale, AZ
Project Area: Scottsdale, Arizona
Square Footage: 89,000
Construction: Block
Project Cost: $4.455 mil
Sale Price: $7.75 mil
Single Year Cash on Cash Return: 67.6%

Project Summary

The Tatum Storage Facility began construction in May of 2014. The 2.85 acre site was acquired in a state land auction and The Monolith Group fully rezoned the property, as well as obtained a special use permit to develop the property as a self-storage facility. Upon completion of the project, The Monolith Group and its partners received an unsolicited offer from Sovran (NYSE:SSS) aka Uncle Bobs Self Storage and sold the property for $7,750,000 in May of 2015. The project is a 3 story building composed of 2 stories above grade and a basement. The building is fully air conditioned and was designed to maximize the amount of rentable square footage on a highly irregular triangular piece of land.