Five Star Partners LLC, a Cleveland-based self-storage operator, has purchased SafeLock Self Storage in Lodi Township, Mich., from Airey Storage Group LLC for $7.7 million. The property features two buildings comprising 128,650 square feet of rentable space. The facility is 98 percent occupied and will be renamed Five Star Store It.
Airey Storage Group bought the property in 2007 from Stoneway West LLC for $3.25 million. The sale price garnered nearly $60 per rentable square foot.
This was one of the higher prices per square foot of any self-storage property Ive ever sold, said Brett Hatcher, a broker with Marcus & Millichap Real Estate Investment Services. Self-storage and apartment markets are red hot right now. I cant keep a listing on the market for long, and this is just one example of that.
Hatcher, who represented the buyer and seller in the transaction, said Airey Storage Group had planned to redevelop the property before deciding to sell. Five Star may consider installing a customer kiosk to automate some processes, he said. The facility is currently operating with its previous site staff.
Five Star operates 10 facilities in Michigan and Ohio.