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 Towne Storage Colt Plaza, a 60,325 square foot storage facility located in West Valley City, 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 Towne Storage and a local development company. Gary Free of Towne Storage Owners Group said, “It was a pleasure to work with Jordan representing us on this transaction. His commitment to understanding the market and following up on the details and due diligence was excellent.”
Jordan Farrer had this to add about the deal, “This was one of the more competitive bidding processes I’ve seen this year, highlighting strong demand for quality assets in strong markets at an attractive basis. I am excited to see the buyer take the asset to the next level and expand their footprint into Utah.”
The buyer is UTEX Storage Partners, a national self-storage investor and developer with offices in Draper, UT and Dallas, TX. The firm currently owns assets in UT, TX, CO, CA, AZ, FL, NC, and MD. Nathan Bennett said, “We’re very excited to add this high-quality asset to our portfolio and finally plant a flag in the Salt Lake City metro area. Many thanks to Jordan Farrer and the Marcus & Millichap team for guiding us through the process. We would also like to thank the seller team for helping make this a successful transaction.”
“We’re very excited to add this high-quality asset to our portfolio and finally plant a flag in the Salt Lake City metro area. Many thanks to Jordan Farrer and the Marcus & Millichap team for guiding us through the process. We would also like to thank the seller team for helping make this a successful transaction.”
Towne Storage Colt Plaza is a 467-unit storage facility located in West Valley City, Utah. The property sits on around 2.67 acres of land and was initially constructed in 2019. The facility is made up of five single-story buildings and one two-story building with 125 drive-up units. The facility has many amenities including a gated entry with a digital keypad, an onsite management office in front of the entrance gate, 24/7 video surveillance throughout the facility, asphalt driveways, and units with roll-up doors.