What is the story about?
What's Happening?
Marcus & Millichap has successfully brokered the sale of a 635-unit self-storage facility located in Plymouth, Michigan. The facility, known as EZ Storage, was completed in December 2022 and offers 73,450 net rentable square feet of climate-controlled storage space. The transaction was facilitated by Brett Hatcher, Gabriel Coe, and Nathan Coe of Marcus & Millichap, in collaboration with Paul Kerber, the firm's Michigan broker of record. The seller was identified as EZ Storage Plymouth Twp LLC, while the buyer's identity remains undisclosed.
Why It's Important?
The sale of the EZ Storage facility highlights the ongoing demand and investment interest in self-storage properties, particularly those offering modern amenities such as climate control. This transaction underscores the attractiveness of the self-storage sector as a stable investment, driven by consistent demand from both residential and commercial clients. The facility's location in a suburban area of Detroit further emphasizes the trend of expanding storage solutions in growing suburban markets, which can offer investors reliable returns and potential for future growth.
What's Next?
While the buyer's identity has not been disclosed, the acquisition of the EZ Storage facility may signal further investment and development in the self-storage sector within the region. Investors and developers might continue to seek opportunities in suburban markets, where demand for storage solutions is likely to remain strong. Additionally, the transaction could encourage other property owners to consider selling or upgrading their facilities to meet modern standards, potentially leading to increased activity in the self-storage market.
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