Marcus & Millichap closed the sale of U-Stor-It, a 41,600-square-foot self-storage facility in Lansing, Michigan.
Meir Perlmuter, Nathan Coe, Brett Hatcher and Gabriel Coe, investment specialists in Marcus & Millichap’s Columbus, Ohio, 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.
U-Stor-It is located about two miles from the state capitol in Lansing. 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.
