SALT LAKE CITY, UT | Jordan Farrer, First 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 family development group. “We listed the property right before the turn in the market with interest rates and faced numerous hurdles in getting the loan assumed. The owner created incredible value during their course of ownership and timed their refinance perfectly which ultimately allowed them to achieve their target price,” said Farrer. “The lender was not excited for the low-rate loan to be assumed and did what they could to slow down the process. The buyer and seller were patient and worked in a creative manner to get the deal closed.”  Marcus & Millichap also procured the buyer, Mountain West Self Storage.

“The lender was not excited for the low-rate loan to be assumed and did what they could to slow down the process. The buyer and seller were patient and worked in a creative manner to get the deal closed.”

Secure Self Storage consists of four one-story buildings made up of 647 climate and non-climate-controlled units. The facility has brick front dividers with metal interior walls, standing seam metal roofs, roll-up doors, and asphalt driveways.  The facility is conveniently located just off N 2000 W, in a highly populated residential area with surrounding retailers including Walmart Supercenter, Jersey Mike’s Subs, Walgreens, UPS, O’Reilly Auto Parts, Panda Express, and others.