Pogoda Companies continues to be active in the market this year with the sale of a bank owned portfolio consisting of four properties located in the greater Port Huron, Michigan area.
The four property portfolio was offered at $2.9 million and included over 115,000 square feet with over 1,000 units sitting on 22.5 acres of land. Formerly owned by Secured Storage Systems, the properties went into default allowing the bank to take over possession. Pogoda Companies, who has been representing bank owned transactions in the self storage industry for over 25 years, was then hired to broker the sale. Mark Floria, from Pogoda Companies, represented both the buyer and the seller. The buyer, a group from Connecticut, formed a new entity, Port Huron Self Storage, LLC for the transaction. The seller was CXA Ten Corporation, headquartered in Texas.
The properties are all located within 20 minutes of each other, allowing the purchaser to have immediate control of the market in Marysville, Port Huron, Fort Gratiot and St. Clair, Michigan. โWe had multiple offers from different groups from all around the country,โ said Maurice Pogoda, president of Pogoda Companies. โIt seems that the secret of Michiganโs dramatic economic turnaround is more common than I had originally anticipated. Itโs a great time to be investing in self storage, the industry is once again on the rise. Itโs nice to be back to business as usual.โ
For more information regarding these transactions, please contact Nathaniel DiDomenico at creativestoragemarketing@gmail.com, Mark Floria at mfloria@pogodaco.com or Maurice Pogoda at mpogoda@pogodaco.com.
Pogoda Companies is Michiganโs largest self-storage operator and broker and and one of the 30 largest in the U.S., with approximately 3 million square feet of self-storage space in Michigan and Ohio. Pogoda also owns and manages numerous manufactured housing communities in Michigan. The firm provides brokerage, management, investment and consulting services to the self-storage and manufacturing housing industries through its Pogoda Group, Inc. and Pogoda Management Co. divisions based in Farmington Hills, Mich.