WALLED LAKE, Mich., Aug. 3, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Mini Storage Depot, a 15-building, 900-unit, 111,050-net-rentable-square-foot self-storage facility in Walled Lake, Michigan. The $11.3 million sales price equates to $124 per square foot.
“Built in 2004, the facility was 95 percent physically occupied at the time of the sale,” says Brett Hatcher, vice president investments in Marcus & Millichap’s Columbus, Ohio office. “Demand remains strong for self-storage assets and that will mostly likely continue through the rest of 2016 and into 2017 as interest rates stay down and large amounts of capital continue to chase deals. We generated multiple offers on the Mini Storage Depot from many types of investors, including real estate investment trusts, private equity groups and local buyers,” Hatcher concludes.
Hatcher represented the seller, a limited liability company and procured the buyer, a local limited liability company. Steven Chaben, senior vice president in Marcus & Millichap’s Detroit office, is the firm’s broker of record in Michigan.
The property is located at 46550 Pontiac Trail in Walled Lake, which is approximately 25 miles northwest of Detroit and 20 miles northeast of Ann Arbor. Home of 670-acre Walled Lake, the city is close to Interstate 96, Michigan Highway 59 and U.S. Route 23.
Mini Storage Depot features 259 climate-controlled units, 641 non-climate-controlled units, 108 outdoor parking spaces for boat and recreational vehicle storage, an on-site, live-in management office, 24-hour video surveillance, wide driveways, and 24-hour gate access.