Harbor Park Mini Warehouse Sold for $2.6M to Investment Group
Copyright 2014 by Virgo Publishing.
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Posted on: 06/15/2011



 

Harbor Park Mini Warehouse, in Harbor Springs, Mich., recently sold to a local investment group, ARBKN LCC, for $2,665,000.

The 124,340-square-foot facility, 3389 M119/Harbor Petoskey Road, has 640 drive-up units. It’s situated two miles north of Bay View and five miles from Harbor Springs with primary footage and access of 409 feet on M119/Harbor Petoskey Road. The property was originally constructed in 1975 and last renovated in 2001-02.

The facility was foreclosed by First Community Bank in July 2010. At that time, Pogoda Cos., a self-storage brokerage and property-management firm, was hired to oversee the property. Under Pogoda Management Co. the property was updated to meet industry standards including stringent financial controls, Internet and traditional marketing programs, reduction of delinquent tenants and the addition of renter insurance and U-Haul Truck Rental.

Additional capital expenditures will be completed including painting of all buildings, major paving work, a new gate system, a new digital sign, replacement of many doors, and conversion of a vacant industrial building to climate-controlled units. Additionally, the office and public restroom will be renovated to modern standards.