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 Kangaroo Storage, a 49,830 square foot storage facility located in St. George, Utah.
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 local development group. “The sellers were able to secure the land at a low basis and build a Class A drive up facility in a strong growth market,” said Farrer. “With shifting interest rates, construction delays, and cost adjustments the returns no longer matched the seller’s original projection. We ran a competitive process and were able to secure a strong family office with ties to the region to purchase the facility with immediate expansion and growth plans.” Marcus & Millichap procured the Buyer.
“The sellers were able to secure the land at a low basis and build a Class A drive up facility in a strong growth market. With shifting interest rates, construction delays, and cost adjustments the returns no longer matched the seller’s original projection. We ran a competitive process and were able to secure a strong family office with ties to the region to purchase the facility with immediate expansion and growth plans.”
Kangaroo Storage is a brand-new, Class A self-storage facility with metal buildings, roll-up doors, standing seam metal roofs, and asphalt drives. The two-story leasing office is masonry-built, with an additional 1,500 square feet of office space for lease. The facility is in Fort Pierce Industrial Park, just off River Road and Southern Utah Parkway. It is near multiple largescale master-planned communities, Desert Color Ence Homes White Trails, Salisbury Homes White Dome, and Desert Canyons.
