Marcus & Millichap Announces the Sale of Urban Heights Storage, a 54,095-Square-Foot Self-Storage Facility in Iowa

DES MOINES, Iowa, March 21, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Urban Heights Storage, a 54,095-square-foot self-storage facility located in Des Moines, Iowa.

George R. Kondracke, Brian Kelly, Brett R. Hatcher, Gabriel Coe, and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office in partnership with Brad Vander Linden, CCIM, The Linden Company, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Jon Ruzicka, Iowa Broker of Record, assisted in closing this transaction.

“Despite today’s interest rate environment, this closing proves that storage is still very desirable, and investors are still willing to pay strong prices” said George Kondracke, the lead agent on the transaction. “While many people wait on the sidelines, savvy investors are still able to pay a strong price and find good value – a win-win for both Seller and Buyer.”

Urban Heights Storage is located about five miles from downtown Des Moines in Urbandale, Iowa. The facility was recently built in 2020 and is situated on 5.40 acres of land. It features 257 climate-controlled units, 95 drive-up units, 51 indoor units, and 28 parking spaces that make up 54,095 with future expansion opportunities planned. The facility should continue to benefit from it’s strong location in a growing market for years to come.

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About Marcus & Millichap, Inc. (NYSE: MMI)

Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.