Pogoda Companies completed not one, but two transactions in November…
Pogoda Sells Stock-N-Lock Self Storage; Adjacent Property
Farmington Hills, Michigan
Tuesday, December 10th 2013
Pogoda Companies completed not one, but two transactions in November, selling Stock-N-Lock Self Storage in Wyoming, Michigan and a vacant lot next door. The property was only on the market for a couple of weeks before it was under contract, closing just 60 days later.
The 62,000 square foot property, Stock-N-Lock Self Storage, had a listing price of $2.4 million, but strong demand and an intense bidding war resulted in the property selling at price substantially higher than list. The new owners intend to significantly expand the436 unit storage facility to capitalize on strong consumer demand for space. It is located in a major thoroughfare 12 miles south of Grand Rapids.
โWe were not really surprised by the demand for this property. The market has been building to a frenzy all year long with buyers bidding up properties and paying prices we have never seen in Michigan.โ said Maurice Pogoda, President of Pogoda Companies.
Pogoda represented both buyer and seller and sold the property, owned by Stock-N-Lock Self Storage of Wyoming, Michigan to Birchwood Heights Equity Corporation of British Columbia, Canada. This is the fourth self storage property in Michigan bought by this Canadian company.
For more information regarding these transactions, please contact Nathan Collins at creativestoragemarketing@gmail.com or Maurice Pogoda at mpogoda@pogodaco.com.
Pogoda Companies 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. Pogoda Companies has sold more than 85 properties with a value in excess of $275,000,000. 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, Michigan.