SALT LAKE CITY, UT | Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the closing of The Storage Center Salt Lake City, a 100,450-square foot self-storage located in Murray, Utah.
Jordan Farrer, Senior Investment Associate, in the firm’s Salt Lake City office, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver office represented the Seller. “Our team has worked with the owners of this property for a number of years, they called me to say they had started to solicit offers on the property. Understanding the high level of interest and need for a professional process, they engaged our team to manage the sale. We were able to generate 18 offers and increase the sales price 20% from the best off-market offer the sellers had received.” For more deal information, please contact Jordan Farrer. The buyer was also procured by Farrer and Schlosser.
“Our team has worked with the owners of this property for a number of years, they called me to say they had started to solicit offers on the property. Understanding the high level of interest and need for a professional process, they engaged our team to manage the sale. We were able to generate 18 offers and increase the sales price 20% from the best off-market offer the sellers had received.”
The Storage Center is located at 4317 S Commerce Drive in Murray, Utah. The property was constructed in phases from 1976 to 1992 and features a leasing office, resident manager’s quarters, and 570 total spaces. The facility is located with frontage on I-15 and is visible to over 200,000 cars per day. The buyer plans to complete a large-scale renovation to bring the property to institutional standards.
