Michigan Self Storage Changes Hands
Marcus & Millichap had the exclusive listing to market the property on behalf of the seller.
Extra Space Storage, a self storage facility in Grand Rapids, Mich., is under new ownership. Formerly known as Creekside Storage, the 122,900-square-foot property has changed hands through a ground lease arranged by Marcus & Millichap. The parties involved were private individuals.
According to Kent County records, the deal has a five-year term. The lease can be extended six additional five-year periods, but the owner can only buy the property during the first five years.
The storage facility was subject to a $4 million construction loan in 2018, provided by The Huntington National Bank, and later received a $4.2 million loan in 2021, originated by Macatawa Bank, Yardi Matrix data shows.
Completed in 2019, the facility encompasses eight buildings across 9.9 acres. The property features 658 non-climate and climate-controlled units, ranging from 25 to 315 square feet. On-site amenities include video surveillance, gated and drive-up access, 24-hour access and contactless renting. The property is located at 6535 Creekside View Drive SE, 11.3 miles from downtown Grand Rapids. The facility is one of the 10 available within a 3-mile radius, offering residents 9.7 rentable square feet per capita.
First Vice President Brian Kelly, Senior Managing Directors Brett Hatcher and Gabriel Coe, alongside Senior Vice President Nathan Coe with Marcus & Millichap had the exclusive listing to market the property on behalf of the seller. Michigan Broker of Record Steve Chaben assisted in closing the transaction.
In January 2023, the national construction pipeline encompassed 4,626 facilities in various stages of development and accounted for 3.7 percent of the total national inventory, Yardi Matrix report shows.