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 City Storage, a 77,238 square foot storage facility located in Idaho Falls, Idaho.
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. “We are very happy to have been trusted by the owners to sell this asset that they have developed and operated for over 30 years. The asset generated multiple competing offers, highlighting the demand for quality storage product in growing secondary or tertiary markets. I’m confident this was a record price per square foot and cap rate for the region. The Buyer will benefit from a growing market with a high performing asset.” The Buyer was procured by Farrer and Schlosser. For more deal information, please contact Jordan Farrer.
“We are very happy to have been trusted by the owners to sell this asset that they have developed and operated for over 30 years. The asset generated multiple competing offers, highlighting the demand for quality storage product in growing secondary or tertiary markets. I’m confident this was a record price per square foot and cap rate for the region. The Buyer will benefit from a growing market with a high performing asset.”
City Storage consists of 77,238 net rentable square feet, 752 units, on approximately seven acres with room to expand. The facility was built in phases from 1990-2004 and features best in class construction and amenities.
