SAINT LOUIS, MO | 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 88,507 square foot storage facility located in St. Ann, Missouri.

Jordan Farrer, Vice President of 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 national self-storage company. “The buyer acquired this asset on a high leverage, short-term, variable rate loan and unfortunately ran through their reserves quickly with this historic interest rate hike,” said Farrer. “Through a creative and collaborative effort between the lender, seller, and buyer, a solution was found that allowed the seller to exit and the buyer to acquire a Class A asset in an excellent location.”  Marcus & Millichap also procured the buyer.

“The buyer acquired this asset on a high leverage, short-term, variable rate loan and unfortunately ran through their reserves quickly with this historic interest rate hike. Through a creative and collaborative effort between the lender, seller, and buyer, a solution was found that allowed the seller to exit and the buyer to acquire a Class A asset in an excellent location.”

Extra Space Storage (Managed) is a recently converted, one-story building made up of all climate-controlled units, totaling 710 units and 88,507 NRSF.  The facility features multiple entrance gates, wide-drive aisles, convenient freeway access, drive-up access, indoor vehicle storage, covered/heated loading bay, and security video surveillance. The facility is nearby St. Louis Lambert International Airport and in a retail corridor near The Crossings at Northwest, Menards, Holman Middle School, and St. Ann Golf Course.