Pogoda Closes 2 Michigan Storage Sales
- Aug 27, 2020
Pogoda Cos. has finalized the disposition of two self storage properties in Ludington and Wyoming, Mich. The company assisted two separate private investors in deals totaling $11.4 million.
The Wyoming property is located on a 6-acre parcel at 5099 Division Ave. S. The 96,780-square-foot facility was completed between 1999 and 2001 and expanded in 2006 and 2014, Yardi Matrix shows. The store provides 781 units spread across 14 buildings and had an asking price of $8.5 million. An out-of-state private investor acquired the asset and rebranded the store as Devon Self Storage. Investment Broker Mark Floria assisted the seller in the deal.
Located at 475 S. Pere Marquette Highway, the Ludington facility encompasses 11 buildings totaling 57,632 square feet. The asset was listed for sale with an asking price of $2.9 million. A local private investor purchased the property, which traded for the first time in 20 years. Initially called Gold Coast Storage, the property has been renamed National Storage Centers – Ludington. Pogoda Management Co. will oversee operations for the 435-unit facility.
Even in the midst of the pandemic, the self storage sector experienced positive rent growth month-over-month through July, according to Yardi Matrix. Year-over-year, rent prices decreased by 2.6 percent for the average 10×10 non-climate-controlled, and by 5.2 percent for the climate-controlled units. Meanwhile, street rates saw an uptick of 1 percent and 1.6 percent for the 10×10 non-climate-controlled and climate-controlled units, respectively.