Big MI Self-Storage Portfolio Sold for $61.3M

DETROIT—Pogoda Companies has just sold a 749,436 square-foot portfolio of 12 self-storage facilities located throughout the state of Michigan to one of the industry’s big players for $61.3 million. Sales of this kind have become quite common for self-storage companies. As reported in GlobeSt.com, soaring revenue growth, rising occupancy and limited new construction has perked up investor interest, pushing down cap rates to historic lows and encouraging consolidation.  

This portfolio has 5,505 units and 498 RV/Boat parking units. The sales price equates to $81.79 per square-foot, which Pogoda officials say is the highest price ever paid for a self-storage portfolio in Michigan. The buyer, Orlando-based Simply Self Storage, one of the nation’s larger owner/operators, was represented by Marcus & Millichap’s Charles D. LeClaire and Adam Schlosser.