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 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.