Utah Self-Storage Portfolio

Utah Self-Storage Portfolio2019-08-16T13:17:15-04:00

Project Description

Cushman & Wakefield has been selected to exclusively market for sale Park City Self Storage and Shield Storage.

Call for Offers – Due Friday, August 23
NRSF – 142,055

1240 West Richardson Flat Road
Kamas, Utah 84036

1768 South Industrial Parkway
Provo, Utah 84606

Park City Self Storage

Park City Self Storage is comprised of 82,885 rentable square feet on approximately 6.02 acres of land. The brand new, class A facility will yield 183 non-climate-controlled units and 434 climate-controlled units, ranging from 25 square feet to 420 square feet for a total of 677 units. The state-of-the-art property will receive its certificate of occupancy in quarter three of 2019. The subject will feature video surveillance, perimeter-wide fencing and digital keypad access to ensure secure self-storage. Park City Self Storage will offer a tenant insurance program for additional revenue. Furthermore, an investor can benefit from two, on-site apartments with excellent scenic views in one of the country’s most desirable ski destinations.

The subject property is impeccably situated in an affluent region of Kamas, Utah, which offers convenient access to the nationally-renowned ski resorts in Park City. The site will benefit from a prosperous average household income exceeding $125,000 within three miles, in addition to an excellent annual three-mile population growth rate of 9.3 percent from 2019 to 2024. Park City Self Storage offers convenient access to the area’s major roadways. The site is approximately two miles from Victory Highway, which sustains a traffic count of over 24,000 vehicles per day. The facility is also within close proximity to Interstate 80, which witnesses a traffic count in excess of 44,000 vehicles daily. There are several newly-completed and ongoing developments within a mile of the property, including an upscale hotel, numerous industrial condominium developments and multiple single-family housing developments. Within ten miles is Park City Mountain and Deer Valley Resort, which are two of the most iconic ski areas in the United States, attracting a large influx of families and ski enthusiasts on an annual basis. Park City Self Storage represents a rare opportunity to acquire a brand new, state-of-the-art asset in one of the most desirable destinations in the United States.

Shield Storage

Shield Storage is comprised of 59,170 rentable square feet on approximately 6.3 acres of land. The property was built in 2019 and represents the best-of-the-market. The site consists of 246 non-climate-controlled units, 162 climate-controlled units and 143 rental parking spaces for a total of 557 units. The facility offers video surveillance, perimeter-wide fencing and keypad entry to ensure secure self-storage. The subject advantageously offers expansion potential; an investor can increase revenue by converting rental parking spaces to additional storage units. The facility also generates ancillary income from a tenant insurance program. The purchaser has the unique opportunity to capitalize on a full lease-up phase in a growing region of Provo, Utah.

The facility resides in the heart of Provo, Utah, which is the third-largest city in the state conveniently located 40 miles south of Salt Lake City. Shield Storage offers convenient ingress and egress from East 1860 South, which sustains a traffic count of over 9,000 vehicles daily. The site is situated within a mile of Highway 89 and Veterans Memorial Highway, which sustain traffic counts in excess of 21,000 and 78,000 vehicles per day. The new facility will benefit from an annual three-mile population growth rate of 1.2 percent from 2019 to 2024. Forbes ranked Provo among the “Best Small and Medium-Size cities for Jobs” and number two on its list of “Best Places for Business and Careers”. There has recently been a major technology boom within the region, as Salt Lake City, Provo and Park City have become known as the “Silicon Slopes,” which encompasses several information technology firms, software development conglomerates and prominent research firms. SanDisk, EA Sports and Adobe Systems, among many others, have established a significant footprint in the growing Silicon Slopes region of northern Utah.

  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Utah Self-Storage Portfolio.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.