Fast-Growing Michigan Market Attracts Major REIT
- Aug 23, 2016
By Adriana Pop
Built in 2005, the 113,851-net-rentable-square-foot Class A self-storage facility features 659 climate-controlled units, 131 non-climate controlled units, 15 RV units and nine office suites. The property has a campus-style layout with a two-story 140,000-square-foot climate-controlled warehouse with traditional drive-up storage buildings behind it. The current occupancy rate exceeds 86 percent.
The facility is located at 47887 Michigan Ave., on the south side of Michigan Avenue (U.S. Highway 12), a major east/west arterial highway that runs from downtown Detroit to the west side of the state. Canton is in the far southwest suburb of Detroit approximately 20 miles from the Detroit Metropolitan Wayne County Airport and a short 25 minute drive to Ann Arbor on Highway 14 or Interstate 94.
The area surrounding the facility consists of upscale apartments, condominiums and private homes. In addition, there is a new Kohl’s and a Target half a mile away. Canton is the second fastest growing community in Michigan.
Marcus & Millichap’s Chico LeClaire, senior vice president investments in Denver, and Brett Hatcher, vice president investments in Columbus, represented the seller, a nationally recognized REIT, in association with Christopher Futo, senior associate in Detroit. The Marcus & Millichap team also procured the buyer.
“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 in prepared remarks. “The seller bought the property in the economic downturn and achieved an excellent return selling it in a much improved market.”
Image courtesy of LeClaire Storage Group