Marcus & Millichap : Arranges the Sale of U-Stor-It, a 41,600-Square-Foot Self-Storage Facility in Lansing, Michigan
February 28, 2023 at 12:13 am IST
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Marcus & Millichap Arranges the Sale of U-Stor-It, a 41,600-Square-Foot Self-Storage Facility in Lansing, Michigan
February 27, 2023
LANSING, Michigan, February 27, 2023 - 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 U-Stor-It, a 41,600-square-foot self-storage facility located in Lansing, Michigan.
Meir D. Perlmuter, Nathan Coe, Brett R. Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap's Columbus office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Steve Chaben, Michigan Broker of Record, assisted in closing this transaction.
"Even though this facility shared a wall with U-Haul, and they would be the most logical buyer, the seller choose to use our team to maximize value," said Meir Perlmuter, the lead agent involved. "We ultimately did sell the deal to U-Haul but at an impressive price and above previous offers."
U-Stor-It is located at about two and a half miles from the state capitol in Lansing, Michigan. The facility is situated on 2.52 acres of land, was built in 1988, and currently features 385 non-climate-controlled self-storage units that make up 41,600 net rentable square feet. U-Stor-It is a stabilized, cash-flowing facility that has been able to maintain strong historical occupancy rates and benefits from an undersaturated self-storage market.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading national brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services. As of December 31, 2022, the Company had 1,904 investment sales and financing professionals in 81 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 our clients. Marcus & Millichap closed 12,272 transactions in 2022, with a sales volume of approximately $86.3 billion. For additional information, please visit www.MarcusMillichap.com..
Marcus & Millichap Inc. published this content on 27 February 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 February 2023 18:42:53 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
