April 12, 2016
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.