Fulton Realty Capital advised a private client on the acquisition of a self-storage property in Livingston County, Michigan, just outside of Detroit. Asset sourcing, fixed-rate CMBS financing, and all negotiations were led by Fulton’s team of real estate professionals.
The facility features 43,500 rentable SF across 300 non-climate-controlled storage units. Physical occupancy was 97% at closing.
Fulton has a significant self-storage presence across the state of Michigan and will use its historical knowledge of the market to help optimize management of the asset. A number of performance enhancement opportunities have been outlined including the implementation of online rental capabilities and formalized marketing programs. The facility will be operated by a professional, third-party management company.
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