Fulton Realty Capital advised a private client on the acquisition of a self-storage complex located in the Detroit, Michigan MSA. The property was sourced by Fulton's commercial real estate team, who also secured CMBS financing and led all negotiations.
The single-story storage facility features almost 100,000 rentable SF, close to 500 drive up and climate controlled self-storage units, and a large outdoor surface parking lot. Despite 96% physical occupancy at closing, the asset has significant upside potential through capital improvements and rental rate increases.
Fulton has also identified opportunities to improve performance through revenue management systems and implementing expense efficiencies, formalized marketing programs, and ancillary income streams. The facility will be operated by a professional, third-party management company.
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