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, today announced the sale of Extra Space (Managed) Storage, a 78,210 square foot storage facility located in Layton, 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. “The property was originally operated on ground lease, and we assisted in the seller’s acquisition of the real estate in 2019, giving them ownership of the property and the business,” says Farrer. “The seller then looked to capitalize on a white-hot market and was able to have a favorable exit after developing and stabilizing the property. We continue to see large institutional groups entering Utah and creating an opportunity for local owners to sell at record prices.” The Buyer was a national self-storage operator also procured by Jordan Farrer and Adam Schlosser.
“The property was originally operated on ground lease, and we assisted in the seller’s acquisition of the real estate in 2019, giving them ownership of the property and the business. The seller then looked to capitalize on a white-hot market and was able to have a favorable exit after developing and stabilizing the property. We continue to see large institutional groups entering Utah and creating an opportunity for local owners to sell at record prices.”
Extra Space (Managed) Storage Layton consists of 682 units. Located on the highly visible hard corner of Main Street and Antelope Road that combine for over 75,000 cars per day. Opening in June 2019, the facility far exceeded lease up projection reaching 88 percent occupancy in 12 months. The three-mile population is currently 87,343 with 28,240 households, and an Average Household Income of $87,453. The property is 2.6 miles from Hill Air Force Base, the Air Force’s second largest base, which employees 27,000 active duty, contractor, and private personnel.
