Large self-storage facility in Sparks sells for over $11 million
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Lee & Associates, the regional office of the nationwide leader in commercial real estate services, has finalized the sale of 493 self-storage units and adjacent land, located at 1939 Richards Place in Sparks, Nevada, for $11,475,000 announced Steve Avanzino, Senior Vice President of Lee & Associates.
“At the time of the sale, this property was 92% occupied by self-storage tenants,” said Avanzino. “The prior owner decided to sell the property as part of a 1031 Exchange Program. Incentives for commercial real estate investments such as a 1031 Exchanges like this sale, help keep our local market healthy, increasing property values and benefitting tenants and patrons as new owners generally enhance amenities and service offerings.”
This sale featured 75,406 square feet of commercial space with 493 self-storage units as well as 56,455 square feet of land located at 2050 Pyramid Way in Sparks. The land was previously a vacant parcel for several years before being purchased by Mardian Development. The new owner plans to build additional self-storage units on the triangle parcel parallel to Pyramid Way. This parcel was included in the sell of the self-storage. Read full story here.
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