PROVO, UT | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of 5K Self Storage, a 43,200 square foot storage facility located in Nephi, Utah.
Jordan Farrer and Jeffery Sorenson, Investment Associates in Marcus & Millichap’s Salt Lake City office, and Adam Schlosser, First Vice President Investments in Marcus & Millichap’s Denver office, had the exclusive listing to market the property on behalf of the seller, a Utah County based LLC. 5K Storage was under contract within five days, with multiple offers. “Both buyer and seller are pleased with the property, the sellers were able to achieve their goals and the buyer is acquiring a well maintained, stabilized asset with great development upside as they expand their portfolio along the Wasatch Front,” says Farrer. Jordan Farrer and Adam Schlosser of Marcus & Millichap also represented the buyer in this transaction. So far this year, the LeClaire Group has sold 28 self-storage properties.
5K Self Storage consists of 222 non-climate controlled units and 13 uncovered parking spaces. Built in 1996, the property is situated on 4.02 acres with nearly an acre for expansion, and is located adjacent to the Ute Stampede Rodeo Ring, the main attraction in Nephi.