U-Haul Buys Michigan Storage Property
Marcus & Millichap brokered the sale of the 385-unit facility.
U-Haul has acquired U-Stor-It, a 41,600-square-foot storage facility in Lansing, Mich., Ingham County records show. A private owner sold the 385-unit property.
According to Yardi Matrix data, the asset became subject to a loan of $2 million in 2017, with a maturity date set for 2027, provided by Alliant Credit Union.
First Vice President Meir Perlmuter, Senior Vice President Nathan Coe and Senior Managing Directors Brett Hatcher and Gabriel Coe with Marcus & Millichap represented the seller in the transaction. Senior Vice President and Michigan Broker of Record Steve Chaben assisted in closing the deal.
U-Stor-It, built in 1988 and situated on 2.5 acres, includes five one-story buildings and encompasses non-climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include video surveillance. 24-hour access, gated entry and drive-up access.
The property is located at 3625 W. Saint Joseph St., 3 miles from downtown Lansing and close to Interstate 496. The facility is one of the seven available within a 3-mile radius, offering residents 5.4 rentable square feet per capita. The Lansing-Ann Harbor market currently has a supply pipeline of 18 properties in various stages of development, set to add 883,291 square feet to the existing inventory, Yardi Matrix data shows.
U-Haul kicked off 2023 with the opening of a 138,000-square-foot property in Fort Walton Beach, Fla. The company expanded its Florida footprint last year as well, with the acquisition of a 575-unit storage facility in Sebring, Fla.