BOULDER CITY, Nev.– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of Red Mountain Storage, an 111,913-square-foot self-storage facility located in Boulder City, Nev. The asset sold for $5,205,866, which equates to $46.52 per square foot.
Cameron Glinton, an associate in Marcus & Millichap’s Las Vegas office, had the exclusive listing to market the property on behalf of the seller, a limited-liability company. Glinton also secured the buyer, a real estate investment trust.
“Red Mountain Storage was exclusively marketed and placed under contract within a week, meeting the financial goals of both principals,” says Glinton. “The seller capitalized on the current economic cycle’s compressed cap rates and the buyer received a market-leading, well-occupied, stabilized self-storage asset that is well-positioned to capitalize on long-term rent appreciation.”
“This transaction typifies the quality of service our self-storage investment specialists deliver to clients,” says Richard A. Bird, national director of Marcus & Millichap’s National Self Storage Group (NSSG) and regional manager of the firm’s Las Vegas office. “With more than $2 billion in self-storage property closings in the past five years, the NSSG is the industry’s most dynamic and effective national marketplace for the acquisition and disposition of self-storage properties.”
Red Mountain Storage was built on approximately five acres in 2000 at 1675 Nevada Highway in Boulder City. Another section, located at 1006 Nevada Highway, was added in 2006.
“Boulder City is a high-barrier market with controlled-growth restrictions on new commercial and residential construction, which help storage facilities maintain high occupancy,” continues Glinton. “Red Mountain Storage has the additional advantage of being primarily a boat storage facility with proximity to the Lake Mead National Recreation Area.”
The property features 22 single-story mini-storage buildings, an office/manager’s apartment, an additional onsite apartment, 288 large, covered, single-story units and 11 parking spaces. The facility was built with all-metal construction and the buildings contain a mix of interior and exterior boat storage and self-storage units. The property is fully fenced in with electronic gate access and is fully paved with asphalt. The security system includes video surveillance cameras, keypad entry and a digital video recording system.