Pogoda Companies is pleased to announce two recently closed sales of self storage facilities, one in Riverview, Michigan, and the other in Newaygo, Michigan.
Safeway Mini Storage, located at 11781 Longsdorf Street, is a 27,400 square foot self storage facility with 157 units. It was built in 1984 and sits on 1.65 acres. The Property is located in Riverview, a suburb of metro Detroit and just 20 minutes from downtown. The seller, Safeway Mini-Storage, LLC, enlisted Pogodaโs Mark Floria to bring a buyer to the table after trying to sell the property with the help of other brokerage firms for several years. The Buyer of the property, Q5000, LLC, saw the opportunity for a good long term investment, even with the propertyโs many deferred maintenance issues. The buyer intends to replace doors, update the office, overlay new asphalt along with other improvements. The listed price was $650,000.
Red Barn Mini Storage, located at 10209 Mason Drive, is a 27,210 square foot facility with 152 units. This well-performing rural property is located in Newaygo, 40 minutes north of Grand Rapids. There was much interest in this property and Pogoda put it under contract just a week after listing it. The Buyer was Dutton Ventures, LLC and the seller was Red Barn Mini Storage, LLC. The asking price was $620,000. According to Pogodaโs Mark Floria, the owner of this facility chose to sell the property as he was looking to reduce his work load and ultimately retire.
For more information regarding these transactions, please contact Mark Floria at mfloria@pogodaco.com or (248) 420-4612.
Pogoda Companies (www.pogodaco.com) is Michiganโs 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.