Salt Lake City, UT | The LeClaire-Schlosser Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of 24-7 Automated Storage, a 222-unit self-storage facility in Las Vegas, Nevada.
Jordan Farrer, Managing Director Investments, and Adam Schlosser, Executive Managing Director Investments, of the LeClaire-Schlosser Group of Marcus & Millichap represented the seller in the transaction, a private real estate investment firm. “Northwest Las Vegas is coming out of a wave of new supply, and as the supply is absorbed we are seeing an uptick in market fundamentals and rates. 24-7 Automated Storage provided the buyer with an opportunity to expand their footprint in Las Vegas at a good basis and capture the market recovery,” said Jordan Farrer. “The size of the asset attracted both private and institutional investors, ultimately being acquired by a national owner,” said Farrer.
David Baker, the seller, added: “Jordan and his team work tirelessly to deliver their clients — sellers and buyers of self-storage facilities alike — the absolute best result. Over the two years and three transactions I worked with Jordan, I worked with him almost daily, and he demonstrated an incomparable level of sophistication, communication, analysis, and conscientiousness… I could not have completed our self-storage transactions without Jordan and his team. For any real estate transactions going forward, he will always be my first and only call.” The Marcus & Millichap team also procured the buyer.
“Jordan and his team work tirelessly to deliver their clients — sellers and buyers of self-storage facilities alike — the absolute best result. Over the two years and three transactions I worked with Jordan, I worked with him almost daily, and he demonstrated an incomparable level of sophistication, communication, analysis, and conscientiousness… I could not have completed our self-storage transactions without Jordan and his team. For any real estate transactions going forward, he will always be my first and only call.”
Built in 2005 on approximately 1.74 acres, 24-7 Automated Storage comprises four single-story buildings totaling 222 units and 28,184 net rentable square feet, including 197 drive-up units. The facility was approximately 84% occupied at the time of sale. The property offers gated entry with digital keypad access, an onsite management office, 24/7 video surveillance, concrete driveways and roll-up door units. The facility fronts Vegas Drive, which sees more than 9,300 vehicles per day, adjacent to Rancho Drive’s 43,500-plus vehicles per day and sits near the Las Vegas Golf Club and the Twin Lakes Country Club community, with retail anchors including 7-Eleven, Walgreens, McDonald’s and O’Reilly Auto Parts nearby.
The LeClaire-Schlosser Group of Marcus & Millichap specializes in the sale of self-storage properties nationwide. For more information on this transaction or other self-storage investment opportunities, contact the LeClaire-Schlosser Group.
