Marcus & Millichap Inc.
10/14/2024 | Press release | Distributed by Public on 10/15/2024 10:37
Marcus & Millichap Facilitates Sale of 317 Unit Self Storage Property in Grand Rapids
Press Releases
Marcus & Millichap Facilitates Sale of 317-Unit Self-Storage Property in Grand Rapids
October 14, 2024
LinkedIn Email App
GRAND RAPIDS, Mich., Oct. 14, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Space Squared Self Storage, a 317-unit self-storage property located in Grand Rapids, Michigan.
"The lease-up market for self-storage is very tough, but there are opportunities that present strong value for buyers," said Jonathan Fawley, first vice president investments. "Throughout this process, we effectively leveraged our platform to ensure maximum exposure to all potential buyers. Ultimately, this resulted in a seamless closing with a repeat institutional buyer."
Fawley, Nathan Coe, Gabriel Coe and Brett Hatcher, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller. Steve Chaben, Broker of Record in Michigan, assisted in closing the transaction.
Space Squared Self Storage is located at 949 4 Mile Road NW, approximately five miles north of central Grand Rapids. The property features 194 climate-controlled units and 123 non-climate-controlled units across 41,925 rentable square feet. The Class A facility was built in 1995 and renovated in 2022.
"The lease-up market for self-storage is very tough, but there are opportunities that present strong value for buyers," said Jonathan Fawley, first vice president investments. "Throughout this process, we effectively leveraged our platform to ensure maximum exposure to all potential buyers. Ultimately, this resulted in a seamless closing with a repeat institutional buyer."
Fawley, Nathan Coe, Gabriel Coe and Brett Hatcher, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller. Steve Chaben, Broker of Record in Michigan, assisted in closing the transaction.
Space Squared Self Storage is located at 949 4 Mile Road NW, approximately five miles north of central Grand Rapids. The property features 194 climate-controlled units and 123 non-climate-controlled units across 41,925 rentable square feet. The Class A facility was built in 1995 and renovated in 2022.
# # #
About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.