THORNTON, CO | Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has completed the sale of Extra Space Storage, a 521-unit self-storage facility in Thornton, Colorado. The sales price, which was not released, equates to $203 per square foot, which is the highest price per square foot achieved for a self-storage facility in Colorado.
“Demand for institutional-quality assets in markets like Denver has reached an unprecedented level,” says Adam Schlosser, vice president investments in Marcus & Millichap’s Denver office. “It’s difficult to feed the staggering amount of capital trying to enter into or expand in self-storage investments, and current pricing is creating opportunities to acquire assets that would otherwise rarely come to market.”
Schlosser and Chico LeClaire, senior vice president investments, also in the firm’s Denver office, represented the seller, TRC Companies, a private investment group that owns numerous facilities across the Front Range. The pair also procured the buyer, Sovran Self Storage Inc., a publicly traded real estate investment trust that owns and operates approximately 500 self-storage facilities across the United States.
Extra Space Storage is located on Gale Boulevard in Thornton, 10 miles north of downtown Denver. Built in 2011, the property features both drive-up and interior-access units, a three-story, split-level, climate-controlled building and three single-story non-climate-controlled buildings. Amenities include an institutional-quality leasing office, 18 security cameras with multiple display monitors, and electronic keypad access for tenants. The facility has been meticulously maintained and has excellent visibility from Gale Boulevard, a four-lane surface road with car counts that exceed 18,000 cars per day. Approximately 316,268 people live within a five-mile radius of the property.