Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Southlands Self Storage a 55,475 net rentable square foot storage facility located in Aurora, Colorado. The $8.6 million sales price equates to $155 per square foot.
Adam Schlosser, vice president investments, and Chico LeClaire, senior vice president investments, both in Marcus & Millichap’s Denver office, represented the seller, a local investor in the transaction. The pair also procured the buyer, Public Storage.
“Excellent storage fundamentals and a strong economic outlook for the area continue to be catalysts for the kind of pricing we’ve been experiencing over the past several years,” says Schlosser. “Sophisticated buyers for these kind of assets have been able to improve on an already successful privately run operation to achieve very attractive returns.”
Southlands Self Storage is located in a densely populated area of Aurora adjacent to various shopping centers and across the highway from Southlands Mall. The facility has excellent signage and visibility from E-470, a major four-lane toll road with traffic counts exceeding 30,000 cars per day. Built in 2009, there are seven drive up buildings comprised of a 338 storage units. The facility features numerous amenities that include an onsite manger’s apartment, 24-hour video surveillance, and full perimeter fencing with digital gate access.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com