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 Vineyard, a 84,745 square foot storage facility located in Orem, Utah.

Jordan Farrer, Managing Director Investments, in the firm’s Salt Lake City office, and Adam Schlosser, Senior Managing Director, in the firm’s Denver office had the exclusive representation of the buyer in this off-market transaction. The facility was developed by a local family and professionally managed by Towne Storage. “Storage Corner Group has pursued this asset for many years. With a 1031 to execute, and my long-standing relationship with the seller, we were able to structure a seller finance arrangement that accomplished both Buyer and Seller goals,” said Farrer. The buyer, Storage Corner Group, is a vertically integrated, Top-100 self-storage owner and invests, operates, and aggregates regional portfolios of existing self-storage properties with retail locations in high-barrier-to-entry infill, target markets.

“Storage Corner Group has pursued this asset for many years. With a 1031 to execute, and my long-standing relationship with the seller, we were able to structure a seller finance arrangement that accomplished both Buyer and Seller goals.”

Towne Storage Vineyard consists of 554 units and is situated on approximately 4.46 acres.  The facility was originally constructed in 2019 and features eleven single-story buildings with 188 interior climate-controlled units and 366 non-climate drive-up units.