SafeLock Self Storage on Airey Drive in Lodi Township just outside of Ann Arbor, Michigan, which was originally purchased by Airey Storage in 2007 from Stoneway West LLC for $3.25 million was sold to Five Star Partners LLC for $7.7 million in late 2012.

“This was one of the higher prices per square foot of any self storage property I’ve ever sold,” Realtor Brett Hatcher of Marcus & Millichap said.“Self storage and apartment markets are red hot right now. I can’t keep a listing on the market for long, and this is just one example of that.”

Hatcher, who represented both parties in the deal, said the former owners were planning a redevelopment of the property, but decided to sell instead due to the strength of the market.

“Self storage was the number one performing real estate investment on Wall Street the past four years,” Hatcher said.“It’s much more stable in the downturn of markets and it has weathered the storm much better than other real estate investments.”

SafeLock Self Storage is a 128,650 square foot facility and will be rebranded as Five Star Store It.

About Marcus & Millichap

Since 1971, Marcus & Millichap Real Estate Investment Services has been the premier provider of investment real estate brokerage services. The foundation of our investment sales is the depth of our local market knowledge. Our 41-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider nationally.

In 2011, Marcus & Millichap closed 5,085 investment transactions for private and institutional investors. By closing more transactions annually than any other firm, our investment professionals are able to provide clients with an unparalleled perspective on the investment real estate market locally, regionally and nationally. Included in these transactions were shopping centers, office and industrial buildings, apartment properties, single-tenant net-lease properties, hotels/motels, senior housing facilities, manufactured home communities, self-storage and land.

Marcus & Millichap has established itself as a leading and expanding investment real estate company with more than 1,000 brokers in markets throughout the United States. For more information, please visit: https://www.marcusmillichap.com/

(via ANNARBOR.com)

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