Pogoda Companies is pleased to announce the brokerage sale of two self storage properties, one in Shelby Township, Michigan, and the other in Flat Rock, Michigan.
Pogoda Companies is pleased to announce the brokerage sale of two self storage properties, one in Shelby Township, Michigan, and the other in Flat Rock, Michigan.
Both locations were sold by individuals looking to unload struggling assets. The properties were purchased by separate international buyers and both were put under contract in less than a month. Both were cash sales with no financing.
Spareroom Self Storage located at 6625 23 Mile Road, is a 34,500 square foot facility with 224 drive-up units and 324 RV/Boat spaces. It was listed for sale for $900,000. Located in the Metro Detroit suburb of Shelby Charter Township, the facility is less than 15 miles to downtown Detroit and is considered one of the fastest-growing communities in the area. The new buyer elected to have Pogoda Management Co. manage the property for him and the name was changed to National Storage Centers-Shelby Township.
Lock Tite Storage, located at 14701 Telegraph Road in Flat Rock, Michigan, is a 49,470 square foot facility with 386 drive-up units and 139 RV/Boat spaces. This property was listed for $1.6 million. Flat Rock, Michigan, is located in Wayne County and is home to the Ford Motor Company’s Flat Rock Assembly Plant.
Mark Floria of Pogoda Companies represented both the seller and buyer in both transactions. “With occupancies at their highest level in recent memory, these two properties were clearly underperforming not because of anything having to do with market conditions but because of poor management by the former owners” said Mark Floria, sales agent at Pogoda Companies. “We had numerous offers from buyers who saw a great deal of opportunity to quickly turn around these struggling properties.”
For more information regarding these transactions, please contact Mark Floria at (248) 420-4612 or mfloria@pogodaco.com.
About Pogoda Companies Pogoda Companies is Michigan’s largest self-storage operator and broker and one of the 30 largest in the U.S., with approximately 3 million square feet of self-storage space in Michigan and Ohio. The firm provides brokerage, management, investment and consulting services to the self-storage industry through its Pogoda Group, Inc. and Pogoda Management Co. divisions based in Farmington Hills, Mich.