SALT LAKE CITY, Utah | 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 Storage (Managed), a 39,200 square foot storage facility located in Salt Lake City, Utah.
Jordan Farrer, Senior Director Investments, in the firm’s Salt Lake City office, and Adam Schlosser, Senior Managing Director, in the firm’s Denver office represented the seller, a family trust that owns and operates real estate properties along the Wasatch Front. Jordan Farrer had this to add about the deal, “Extra Space (Managed) State Street is a great example of the flight to core locations. The property is in an incredibly dense part of the Salt Lake Valley and was performing with strong occupancy and rates. The buyer will be able to capitalize on Utah’s strength and growth on an already high performing store. We’re grateful to both buyer and seller for an incredibly smooth escrow and closing process.” The buyer is one of the world’s largest private operators.
“Extra Space (Managed) State Street is a great example of the flight to core locations. The property is in an incredibly dense part of the Salt Lake Valley and was performing with strong occupancy and rates. The buyer will be able to capitalize on Utah’s strength and growth on an already high performing store. We’re grateful to both buyer and seller for an incredibly smooth escrow and closing process.”
Extra Space (Managed) is a 485-unit self-storage facility located in Salt Lake City, Utah. The property sits on around 1.65 acres of land, was initially constructed in 1985, and contains five single-story self-storage buildings, two two-story buildings with drive-up, interior, and elevator access for units. Extra Space (Managed) has many amenities including an electronic gated entry with a digital keypad, an institutional-style leasing office with retail and security monitor display, 24/7 video surveillance throughout the facility, concrete driveways, and metal roll-up doors throughout.
