DETROIT, MI | The LeClaire Group of Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a twelve property self-storage portfolio with facilities located across southern Michigan. The portfolio spans 747,146 net rentable square feet with 6,209 units and was built from 1972 to the most recent expansions in 2013.
Charles “Chico” LeClaire, Executive Managing Director Investments and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver office, had the exclusive listing to market the assets. The two originally sold the portfolio back in 2014 to the current Seller, a joint venture between an unnamed private equity group, Paragon Outcomes, and Kurt O’Brien, CEO of Simply Self Storage. Simply Self Storage also managed the properties on behalf of the joint venture. The Buyer, also procured by The LeClaire Group, was Oak Brook, Illinois-based Inland. “Competition was fierce for this portfolio,” says Schlosser. “The Midwest, and in particular the state of Michigan, has quietly been one of the better self-storage markets to find favorable in place yield with some runway left.”
The twelve-property portfolio spans across multiple locations in Ann Arbor, Chesterfield, Grand Rapids, Kalamazoo, Lake Orion, Lansing, Novi, Okemos, Westland, Wyoming, and Ypsilanti.