April 12, 2016 Comments Off on ExtraSpace Storage Inks 42K-SF Deal in Utah Views: 315 California News, National News, Utah, West

ExtraSpace Storage Inks 42K-SF Deal in Utah

ExtraSpace Storage has signed a 50-year, primary lease term for 42,000 square feet of retail space at 5580 S. Van Winkle Expwy. in Holliday, UT. The transaction brings the formerly foreclosed-upon asset to 100% occupancy.

Chris Monson and Brett Palmer of Mountain West Commercial Real Estate represented the owner, Red Mountain Retail Group, in the transaction. The retail asset had been 38% occupied when Red Mountain purchased the loan and foreclosed on the property.

“Taking over a property that had a failed reputation in our market for decades was a challenge,” Monson said. Focusing on VASA fitness by extending the 60,000-square-foot lease and promoting that it was one of the top-performing locations in Utah helped bring more interest to the center, moving it to full occupancy within four years, he added.

Connect with Mountain West Commercial Real Estate

Share on FacebookTweet about this on TwitterShare on LinkedInEmail this to someone

Tags: ,

Comments are closed.