The SafeLock sign is still up at the self storage center on Airey Road, even though the name has officially changed.
Daniel Brenner | AnnArbor.com
“This was one of the higher prices per square foot of any self storage property I’ve ever sold,” Realtor Brett Hatcher of Marcus & Millichap said.
“Self storage and apartment markets are red hot right now. I can’t keep a listing on the market for long, and this is just one example of that.”
Airey Storage bought the property from Stoneway West LLC in 2007 for $3.25 million. Hatcher represented both parties in the deal, and said the former owners were planning a redevelopment of the property, but decided to sell instead due to the strength of the market.
“Self storage was the number one performing real estate investment on Wall Street the past four years,” Hatcher said.
“It’s much more stable in the downturn of markets and it has weathered the storm much better than other real estate investments.”
According to a fact sheet from the Realtor, both storage buildings are above 98 percent occupied.
Daniel Brenner | AnnArbor.com
A location manager who declined to be named said the new owners had taken over Jan. 1, but that no changes had taken place.
“It’s new ownership but the same management,” he said. “We’re running essentially business as normal right now. It’s still in the process of moving over though, it’s been an ongoing slow process.”
The storage site has 128,650 square feet of rentable space spread out between two buildings that right now are 98 and 99 percent occupied. Hatcher said there also is the potential for further development on the site.
Ben Freed covers business for AnnArbor.com. You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at benfreed@annarbor.com. Follow him on twitter @BFreedinA2