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 Saratoga Storage, a 88,015 square foot storage facility located in Lehi, 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 joint venture between the Gardner Group, a full-service commercial real estate development and management company headquartered in Salt Lake City, Utah with offices in Boise, Idaho and Henderson, Nevada, and Management Elevated, a Utah-based self-storage third-party manager and consulting firm. Jordan Farrer had this to add about the deal, “An institutional buyer pool pursued the facility as an opportunity to acquire a Class A self-storage asset in one of the fastest-growing residential markets in the country. The seller and developer did a phenomenal job selecting a site and delivering a best-in-class product, and our team is grateful for the opportunity to represent them.” The buyer was an institutional buyer who focuses on newly constructed assets in user-dense markets.
“An institutional buyer pool pursued the facility as an opportunity to acquire a Class A self-storage asset in one of the fastest-growing residential markets in the country. The seller and developer did a phenomenal job selecting a site and delivering a best-in-class product, and our team is grateful for the opportunity to represent them.”
Saratoga Storage is a 676-unit self-storage facility located in Lehi, Utah. The property sits on around 3.78 acres of land, was initially constructed in 2023, and contains three single-story self-storage buildings with 100 drive-up units. Saratoga Storage has many amenities including a gated entry with a digital keypad, a separate onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways, and units with roll-up doors.
