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 Utah Valley Storage and RV, a 76,344 square foot storage facility located in Orem, Utah.
Jordan Farrer, Senior 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. “Our team had a longstanding relationship with the family that owned the property, and it was great to see this deal come full circle. We assisted them from an advisory role from right after they acquired the facility all the way through to the disposition,” says Farrer. “The owners had received a direct offer that prompted them to list the facility. Through our process, we received 14 offers and increased the price by over 20% from the off-market offer.” The Buyer was a national self-storage operator also procured by Jordan Farrer and Adam Schlosser.
“Our team had a longstanding relationship with the family that owned the property, and it was great to see this deal come full circle. We assisted them from an advisory role from right after they acquired the facility all the way through to the disposition. The owners had received a direct offer that prompted them to list the facility. Through our process, we received 14 offers and increased the price by over 20% from the off-market offer.”
Utah Valley Storage and RV consists of 291 units. Located on the border of Orem and Vineyard, the facility is strategically located in the epicenter of Utah County growth. The three-mile radius is projected to grow an additional 13 percent in the next five years. The city of Vineyard has been one of the fastest growing communities in the country, growing 99 percent since 2010. The three-mile population is currently 86,671 with 26,765 households, and an Average Household Income of $84,338. The facility is centrally located in Utah Valley with close proximity to both Brigham Young University and Utah Valley University that combine for over 70,000 students enrolled.
