TOOELE, 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 Red Storage, a 9,720 square foot storage facility located in Tooele, Utah.
Jordan Farrer, Vice President of Investments, in the firm’s Salt Lake City office represented the Seller, a local family. “The sellers purchased the property with the intent of building out the expansion and growing their footprint, as other projects took priority this asset never reached its full potential,” said Farrer. “The owner improved the revenue and captured enough value to have a successful exit. The buyer will implement professional management, expand the facility, and realize the seller’s vision.” The buyer, a national self-storage syndicate, was also procured by Marcus & Millichap.
“The sellers purchased the property with the intent of building out the expansion and growing their footprint, as other projects took priority this asset never reached its full potential. The owner improved the revenue and captured enough value to have a successful exit. The buyer will implement professional management, expand the facility, and realize the seller’s vision.”
Red Storage is a high-quality construction and features 45 non-climate-controlled units, 21 parking spaces, standing seam metal roofs, key-code access, and the option to rent and manage units online. The property also has a ½ acre expansion opportunity available with plans previously approved by the city of Tooele. The property is located just off Main Street, which sees 29,508 vehicles per day, and is directly across from the core retail center for the community.
