SALT LAKE 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 two self-storage properties — Herriman Storage and Parkway Storage — totaling 111,013 net rentable square feet with locations in Herriman and Orem, Utah.
Jordan Farrer, Investment Associate, in the firm’s Salt Lake City office and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver office represented the Seller. “This transaction was a landmark transaction in the state of Utah. Salt Lake City has garnered great national attention and has been one of the strongest markets in the country,” said Farrer. “The market strength was evident from the offers and interest in the property. Throughout this process we generated multiple offers from local, regional, and institutional buyers, and ultimately achieved a successful exit for the Seller.” The Buyer was Public Storage, a California based REIT, and the largest owner operator of self-storage facilities in the world. The Buyer was also secured by Farrer and Schlosser. For more deal information, please contact Jordan Farrer.
“This transaction was a landmark transaction in the state of Utah. Salt Lake City has garnered great national attention and has been one of the strongest markets in the country.”
The two property portfolio consists of 111,013 net rentable square feet, 834 units, on approximately seven acres with room to expand. Herriman Storage was built in 2003 and Parkway Storage was built in 2004/2008 and both feature professional leasing offices, gated access, and climate control units.