November 20, 2020
Announcing the Sale of The Ouray Inn in Ouray, Colorado
Denver, CO – November 24, 2020 – Madison Commercial Properties is pleased to announce the sale of Salida Storage, located at 8300 West US-50 in Salida, Colorado. Built in 2016, this self-storage facility totals 31,200 rentable square feet and consists of 139 units on a 1.75 acres lot. The property was approximately 85% occupied at the time of sale. The transaction successfully closed on November 20, 2020 for $1,800,000 or $58 per square foot.
Luke Raye, Commercial Real Estate Advisor with Madison Commercial Properties represented the local seller, Kopp Holdings, LLC, in the transaction. The buyer, Salida Secured Storage, LLC was not represented. “My client built the facility in 2016, worked hard to stabilize the asset, then decided to reap the rewards of the hard work and 1031 into something more passive. The buyer lives in the area, understands the growth that’s happening, and can see the value that this asset has to offer. The Buyer plans to make upgrades to the facility to further increase cash flow. With the coordination of all parties, and a high level of communication, we were able to meet all dates and deadlines in a timely manner, ultimately helping us close early,” stated Luke Raye, Commercial Real Estate Advisor with Madison Commercial Properties.