Press Releases
Marcus & Millichap Arranges Sale of 342-Unit Self-Storage Facility Near Grand Rapids
August 12, 2025
ADA, Mich., Aug. 12, 2025 – 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 Ada Attic Self-Storage, a 342-unit self-storage facility in Ada, Michigan. The sale closed at a 6.62% capitalization rate.
“The strong response from both local and out-of-state investors underscores the strength of the Grand Rapids storage market,” said Eddie Greenhalgh, senior managing director investments in Marcus & Millichap’s Birmingham office. “With high occupancy, limited historical rate increases, and significant barriers to entry, this well-maintained facility represents existing cash flow with strong upside potential moving forward.”
Greenhalgh and Marcus & Millichap’s Lee Thornton exclusively marketed the property on behalf of the seller, a family trust/LLC, and procured the buyer, Prestige Storage, in association with Steve Chaben, the firm’s broker of record in Michigan. The facility had been held by the original family that constructed and operated it, marking the first time it has changed hands.
Built in 2002, Ada Attic Self Storage is located at 8220 Fulton St. E., just outside Grand Rapids. The 52,150-square-foot facility comprises climate-controlled and conventional units and was 96% occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. The average household income within a three-mile radius is more than $210,000.
“The strong response from both local and out-of-state investors underscores the strength of the Grand Rapids storage market,” said Eddie Greenhalgh, senior managing director investments in Marcus & Millichap’s Birmingham office. “With high occupancy, limited historical rate increases, and significant barriers to entry, this well-maintained facility represents existing cash flow with strong upside potential moving forward.”
Greenhalgh and Marcus & Millichap’s Lee Thornton exclusively marketed the property on behalf of the seller, a family trust/LLC, and procured the buyer, Prestige Storage, in association with Steve Chaben, the firm’s broker of record in Michigan. The facility had been held by the original family that constructed and operated it, marking the first time it has changed hands.
Built in 2002, Ada Attic Self Storage is located at 8220 Fulton St. E., just outside Grand Rapids. The 52,150-square-foot facility comprises climate-controlled and conventional units and was 96% occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. The average household income within a three-mile radius is more than $210,000.
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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, 2024, the company had 1,712 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
