Wentworth Property Co. Buys Utah Storage Facility
Academy Bank funded the acquisition with a $15.6 million loan.
Wentworth Property Co. has acquired Utah Valley Storage and RV, a 76,344-square-foot facility in Orem, Utah. Academy Bank funded the acquisition with a $15.6 million loan, Yardi Matrix data shows. The LeClaire-Schlosser Group of Marcus & Millichap represented the seller and procured the buyer.
Completed in two phases, in 1999 and 2018, the facility spans 3.7 acres and comprises six buildings with 291 indoor units, ranging from 30 to 600 square feet. On-site amenities include drive-up access, security features and RV and boat parking. Public Storage is the manager of the facility.
Located at 243 S. Geneva Road, on the border of Orem and Vineyard, the asset is in a largely penetrated market, being one of the 17 available facilities within a 3-mile radius, with 11.8 net rentable square feet per capita, significantly above the 7 national average. Nonetheless, there are currently no developments underway.
Overall, Wentworth Property Co.’s portfolio includes 24 properties across 10 markets, totaling roughly 1.9 million square feet, with most of them in Phoenix, according to Yardi Matrix. Some time ago, the company sold a 118,840-square-foot portfolio to Blackstone for almost $13 million.