Public Storage Inc., a self-storage real estate investment trust (REIT), has acquired a Devon Self Storage facility in Canton, Mich. The property at 47887 Michigan Ave. comprises 113,851 net rentable square feet in 790 units, nine office suites and 15 RV units. The campus-style layout includes a 140,000-square-foot, climate-controlled warehouse with traditional drive-up units behind it.
Built in 2005, the facility is near upscale apartments, condominiums and single-family homes. It’s on the south side of Michigan Avenue, which is also U.S. Highway 12. The asset will be the REIT’s fourth location in Canton.
Devon Self Storage, which owns or manages 46 storage facilities nationwide, was represented in the transaction by a team from commercial real estate firm Marcus & Millichap, including Christopher Futo, senior associate in the company’s Detroit office; Brett Hatcher, vice president of investments in Columbus, Ohio; and Charles “Chico” LeClaire, senior vice president of investments in Denver. Marcus & Millichap also procured the buyer, according to a company press release.
“It was a great opportunity for one of the major REITs to buy a class-A facility in one of the fastest-growing communities in Michigan. Its location on Michigan Avenue gives it excellent visibility and traffic counts,” LeClaire said. “The seller bought the property in the economic downturn and achieved an excellent return, selling it in a much improved market.”
Founded in 1971, Marcus & Millichap is a commercial-property investment firm with more than 1,500 investment professionals in offices throughout Canada and the United States. The firm closed more than 8,700 transactions in 2015 with a value of approximately $37.8 billion.
Founded in 1988, Devon Self Storage operates facilities in 16 states, managing more than 3.3 million square feet of storage space and serving 21,750 tenants. Based in Emeryville, Calif., it employs more than 100 people. The company ranked No. 34 on the 2015 Inside Self-Storage Top-Operators List.
Based in Glendale, Calif., Public Storage has interests in 2,310 self-storage facilities in 38 states, with approximately 151 million net rentable square feet. Operating under the Shurgard brand name, the company also has 218 facilities in seven European countries, with approximately 12 million net rentable square feet.