CEDAR 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 Storage General Cedar, a 456,758 square foot storage facility located in Cedar City, 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 private equity group. “The sellers acquired this asset from the original developer in 2020 and instituted a more professional management structure, increased rates, and revenue. The seller was able to capitalize on this equity creation, even in a difficult market,” said Farrer. “We are extremely pleased the transaction closed at its contract price, given the uncertainty of the debt markets, a large asset in a small market, and the challenges of the current economy, all of which were overcome by the creativity and persistence of both Seller and Buyer.” The Buyer was procured by Marcus & Millichap.
“The sellers acquired this asset from the original developer in 2020 and instituted a more professional management structure, increased rates, and revenue. The seller was able to capitalize on this equity creation, even in a difficult market. We are extremely pleased the transaction closed at its contract price, given the uncertainty of the debt markets, a large asset in a small market, and the challenges of the current economy, all of which were overcome by the creativity and persistence of both Seller and Buyer.”
Storage General Cedar is the largest self-storage asset in Utah. The property features 2,133 units and 456,758 total net rentable square feet. Some features include electronic gate access, drive-up units with roll-up doors, wide drive aisles, RV/Boat/Trailer storage and parking, commercial shops available for rent, online rentals, unit management, and bill pay. The property has nearly 1,600 feet of frontage on I-15, visible to nearly 30,000 vehicles per day. Storage General is just four minutes from the on and off-ramps for I-15 making it extremely convenient for access.
