{"id":1004150684,"date":"2016-08-23T13:00:00","date_gmt":"2016-08-23T21:00:00","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004150684"},"modified":"2020-05-14T00:59:58","modified_gmt":"2020-05-14T08:59:58","slug":"marcus-millichap-closes-sale-of-storage-facility-in-michigan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-sale-of-storage-facility-in-michigan\/","title":{"rendered":"Fast-Growing Michigan Market Attracts Major REIT"},"content":{"rendered":"<p><em>By Adriana Pop<\/em><\/p>\n<p><strong>Canton, Mich<\/strong>.\u2014<a href=\"https:\/\/investors.publicstorage.com\/home\/default.aspx\" rel=\"nofollow\" target=\"_blank\">Public Storage Inc<\/a>. has acquired a <a href=\"https:\/\/www.devonselfstorage.com\/\" rel=\"nofollow\" target=\"_blank\">Devon Self Storage<\/a> property in Canton, Mich.<\/p>\n<div id=\"attachment_1004150687\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg\" target=\"_blank\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004150687\" data-attachment-id=\"1004150687\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/marcus-millichap-closes-sale-of-storage-facility-in-michigan\/devon-self-storage-in-canton-mich\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg\" data-orig-size=\"1000,600\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Devon Self Storage in Canton, Mich.\" data-image-description=\"&lt;p&gt;Devon Self Storage in Canton, Mich.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Devon Self Storage in Canton, Mich.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg?w=1000\" class=\"wp-image-1004150687 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg\" alt=\"Devon Self Storage in Canton, Mich.\" width=\"300\" height=\"180\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg?resize=300,180 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/08\/Devon-Self-Storage-in-Canton-Mich..jpg?resize=768,461 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004150687\" class=\"wp-caption-text\">Devon Self Storage in Canton, Mich.<\/p><\/div>\n<p>Built in 2005, the 113,851-net-rentable-square-foot Class A <a href=\"https:\/\/www.commercialsearch.com\/news\/self-storage\/\" target=\"_blank\">self-storage facility<\/a> features 659 climate-controlled units, 131 non-climate controlled units, 15 RV units and nine office suites. The property has a campus-style layout with a two-story 140,000-square-foot climate-controlled warehouse with traditional drive-up storage buildings behind it. The current occupancy rate exceeds 86 percent.<\/p>\n<p>The facility is located at 47887 Michigan Ave., on the south side of Michigan Avenue (U.S. Highway 12), a major east\/west arterial highway that runs from downtown <a href=\"https:\/\/www.commercialsearch.com\/news\/detroit\/\" target=\"_blank\">Detroit<\/a> to the west side of the state. Canton is in the far southwest suburb of Detroit approximately 20 miles from the Detroit Metropolitan Wayne County Airport and a short 25 minute drive to Ann Arbor on Highway 14 or Interstate 94.<\/p>\n<p>The area surrounding the facility consists of upscale apartments, condominiums and private homes. In addition, there is a new Kohl\u2019s and a Target half a mile away. Canton is the second fastest growing community in Michigan.<\/p>\n<p><a href=\"https:\/\/www.marcusmillichap.com\/\" rel=\"nofollow\" target=\"_blank\">Marcus &amp; Millichap<\/a>\u2019s Chico LeClaire, senior vice president investments in <a href=\"https:\/\/www.commercialsearch.com\/news\/denver\/\" target=\"_blank\">Denver<\/a>, and Brett Hatcher, vice president investments in <a href=\"https:\/\/www.commercialsearch.com\/news\/columbus\/\" target=\"_blank\">Columbus<\/a>, represented the seller, a nationally recognized REIT, in association with Christopher Futo, senior associate in Detroit. The Marcus &amp; Millichap team also procured the buyer.<\/p>\n<p>\u201cIt was a great opportunity for one of the major REITs to buy a Class \u2018A\u2019 facility in one of the fastest-growing communities in Michigan. Its location on Michigan Avenue gives it excellent visibility and traffic counts,\u201d LeClaire said in prepared remarks. \u201cThe seller bought the property in the economic downturn and achieved an excellent return selling it in a much improved market.\u201d<\/p>\n<p><em>Image courtesy of LeClaire Storage Group <\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Public Storage is the new owner of a 790-unit self-storage facility in Canton, Mich. <\/p>\n","protected":false},"author":260,"featured_media":1004150687,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,1495,13,21742],"tags":[],"class_list":["post-1004150684","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-detroit","category-midwest","category-latest"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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