Public Storage Buys Salt Lake City-Area Asset
The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer.
Public Storage has acquired Riverton Self Storage, a 43,300-square-foot self storage facility in Riverton, Utah. A private owner sold the Class B asset, which previously traded in 2020, Yardi Matrix data shows.
According to the same source, the property was subject to a $2.4 million loan that same year, provided by the Bank of Utah.
First Vice President of Investments Jordan Farrer and Senior Managing Director Adam Schlosser with The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer.
Completed in 2004, the storage facility sits on 2.4 acres and encompasses five buildings. The property offers 245 non-climate-controlled units and 55 climate-controlled units, ranging between 25 and 480 square feet. Amenities include video surveillance, on-site manager, drive-up access and gated access.
Located at 4258 13400 S., the property is near U.S. Route 154 and less than 25 miles from downtown Salt Lake City. The facility is one of the eight available within a 3-mile radius, offering residents 4.8 rentable square feet per capita. As of the beginning of December, 20 self storage properties traded year-to-date in the Salt Lake City market, totaling 1.4 million square feet, Yardi Matrix research shows. Six of these assets were Class B facilities.
Earlier this year, Public Storage closed a $2.2 billion deal, significantly expanding its portfolio with the acquisition of Simply Self Storage from Blackstone Real Income Trust Inc. The transaction included 127 properties, two-thirds of which are located in the Sun Belt region.