CANTON, Mich., Aug. 12, 2016 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Devon Self Storage, a 113,851-net-rentable-square-foot storage facility located in Canton, Michigan. The property sold for an undisclosed price.
Marcus & Millichap’s Chico LeClaire, senior vice president investments in Denver, and Brett Hatcher, vice president investments in Columbus, in association with Christopher Futo, senior associate in Detroit, represented the seller, a nationally recognized REIT. The Marcus & Millichap team also procured the buyer, Public Storage.
“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,” said LeClaire. “The seller bought the property in the economic downturn and achieved an excellent return selling it in a much improved market.”
Built in 2005, this Class “A” facility features 659 climate-controlled units, 131 non-climate controlled units, 15 RV units and nine office suites. The property has a unique campus- style layout with a two-story 140,000-square-foot climate-controlled warehouse with traditional drive-up storage buildings behind it. The property is well located on the south side of Michigan Avenue (U.S. Highway 12), and is surrounded by upscale residential apartments, condominium and single-family homes.
About Marcus & Millichap (NYSE: MMI)
With over 1,600 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 8,700 transactions in 2015 with a value of approximately $37.8 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com