Abernathey Holdings, based in Mesa, Arizona, has expanded its self-storage presence in the Phoenix metro area with three new projects following the success of its first facility in Gilbert in 2022. In partnership with billionaire Gary Tharaldson, these new Public Storage-branded developments include a 122,757-square-foot facility in Laveen, an 111,087-square-foot facility in Goodyear, and a 123,399-square-foot facility in Gilbert, all set to complete by late 2025. Additionally, Abernathey plans to break ground on further locations in Glendale, Peoria, and Phoenix, while also expanding its reach into California, where demand is high but construction is limited due to challenging entitlement processes. The Phoenix metro area remains a top market for self-storage, with rising demand driven by smaller home sizes, small businesses, and residents needing additional storage. In 2023, Phoenix added 238,573 square feet of storage space, with plans for 385,000 more square feet this year, while average rents sit slightly below the national average at $119 per month.
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A full-service lease is a lease that has one, all-inclusive rental rate which includes both the base lease rate and the operating expenses combined into one figure.
A modified gross lease is a lease where the tenant pays base rent at the lease’s inception, but it takes on a proportional share of some of the other costs associated with the property as well, such as property taxes, utilities, insurance, and maintenance.
A triple net lease is a lease agreement on a property whereby the tenant or lessee promises to pay all the expenses of the property, including real estate taxes, building insurance, and maintenance. These expenses are in addition to the cost of rent and utilities.
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