A bank-owned portfolio of four self-storage facilities in the greater Port Huron, Mich., area recently sold for $2.9 million. Formerly operated by Secure Storage Systems, the properties went into default and were repossessed by Texas-based CXA Ten Corp.
The portfolio includes more than115,000 square feet of storage in 1,000 units on 22.5 acres of land. The facilities are all within 20 minutes of one another in Fort Gratiot, Marysville, Port Huron and St. Clair, Mich.
Mark Floria, commercial real estate advisor of the Pogoda Cos., represented the buyer and seller in the transaction. The buyer, a group from Connecticut, formed a new entity, Port Huron Self Storage LLC, specifically for the transaction.
“We had multiple offers from different groups from all around the country,” said Maurice Pogoda, president of Pogoda Cos. “It seems that the secret of Michigan’s dramatic economic turnaround is more common than I had originally anticipated. It’s a great time to be investing in self-storage; the industry is once again on the rise. It’s nice to be back to business as usual.”
Based in Farmington Hills, Mich., Pogoda Cos. is a self-storage operator and broker with approximately 3 million square feet of self-storage space in Michigan and Ohio. The firm provides brokerage, management, investment and consulting services to the self-storage industry through its Pogoda Group Inc. and Pogoda Management Co. divisions.