Simply Self Storage (SSS) has purchased 12 National Storage Centers facilities from Pogoda Cos. for $61.3 million. The portfolio spans Michigan and comprises 749,436 square feet in 5,505 storage units and 498 vehicle spaces. The sales price equates to $81.79 per square foot.
The facilities offer climate-controlled units, boat and RV storage, uncovered parking and drive-up units. Each of the properties has a manager’s office, perimeter fencing, keypad access, lighting and video cameras. Most of the facilities also have onsite apartments for resident managers.
The seller was represented by several members of Marcus & Millichap Real Estate Investment Services Inc., including Charles “Chico” LeClaire, senior vice president of investments, Adam Schlosser, senior associate, and Matt Tyler, associate, from the Denver office, as well as Steve Chaben, senior vice president in the Detroit office and the firm’s broker of record in Michigan.
“The Michigan self-storage portfolio is an institutional-quality portfolio of well-maintained self-storage assets located in some of Michigan’s best markets,” LeClaire said in a press release. “The facilities are all well-located within their local markets, and as the economy in Michigan has stabilized, the monthly income of these assets has risen substantially.”
Marcus & Millichap specializes in commercial real estate investment sales, financing, research and advisory services. The firm closed more than 7,600 transactions in 2014 with an approximate value of $33.1 billion. Founded in 1971, the company has nearly 1,500 investment professionals in offices throughout the United States and Canada.
Based in Farmington Hills, Mich., Pogoda Cos. is a self-storage operator with facilities in Michigan and Ohio. The firm also provides brokerage, management, investment and consulting services to the self-storage industry through Pogoda Group Inc. and Pogoda Management Co.
Headquartered in Orlando, Fla., SSS owns or manages more than 160 self-storage facilities comprising more than 12 million square feet of storage space in 18 states and Puerto Rico. It currently has 44 locations in Michigan. Founded in 2003 by Kurt O’Brien, the company ranked No. 9 on the 2014 Inside Self-Storage Top-Operators List.