Marcus & Millichap negotiated the sale of Ada Attic Self-Storage, a 342-unit self-storage facility in Ada, Michigan. The sale closed at a 6.62% capitalization rate.
Eddie Greenhalgh and Marcus & Millichap’s Lee Thornton exclusively marketed the property on behalf of the seller, a family trust/LLC, and procured the buyer, Prestige Storage, in association with Steve Chaben, the firm’s broker of record in Michigan. The facility had been held by the original family that constructed and operated it, marking the first time it has changed hands.
Built in 2002, Ada Attic Self Storage is located at 8220 Fulton St. E., just outside Grand Rapids. The 52,150-square-foot facility comprises climate-controlled and conventional units and was 96% occupied at the time of sale. Recent upgrades include new shingles, LED lighting and a modern surveillance system. The average household income within a three-mile radius is more than $210,000.
