The Mele Group of Marcus & Millichap and NAI Cressy Commercial have been selected to exclusively market for sale the A-Z Self Storage Portfolio, located in the northern Indiana and southwestern Michigian region. Acquisition of the four-property, self-storage portfolio provides an investor with widespread coverage of the northern Indiana and southwestern Michigan markets, in an area commonly referred to as Michiana. The portfolio offers the opportunity to enhance returns through raising rates to match the respective markets’ averages and continuing lease-up activity at individual locations, while utilizing the expansion opportunities available at multiple sites to meet the strong demand for storage, as indicated by the sites at near or full occupancy.
Of the four facilities and one annex location, the portfolio boasts 804 units across 138,298 rentable square feet. The offering has current physical and economic occupancies of 78.9 percent and 64.4 percent, respectively. Several of the facilities are nearly or fully occupied, indicating the market’s high demand for storage. Four of the facilities offer the opportunity to expand upon their parcels to meet this demand in their growing areas. Furthermore, the Plymouth location features a self-service kiosk, contributing to a reduction in management fees. The region is reputed for its quick access to major highways and railways, and the portfolio indicates this through each site maintaining high visibility and ease of access to thoroughfares in close proximity. Centered in South Bend, Michiana’s counties include Elkhart, La Porte, Marshall, St. Joseph and Starke in Indiana, and Berrien and Cass in Michigan.
The area has witnessed considerable growth in recent years due to the increase in manufacturing jobs available in this market compared to other metro areas. This robust job market, paired with the abundance of family-friendly recreational activities and natural scenic beauty surrounding Lake Michigan, has made Michiana a thriving destination. The population is projected to continue flourishing at a rate that surpasses the rest of the state.
- Multiple Opportunities to Expand Across the Portfolio, Justified by the High Demand for Storage and High Occupancies
- Enhance Revenue by Raising Rates to Match the Surrounding Market's Competitors at the Premier Location
- Facilities Situated Within Northern Indiana and Southwest Michigan, Which Has Witnessed an Influx in Population
- Reduction in Management Costs at the Plymouth Location Through the Utilization of a Self-Service Kiosk
- Minimal to No Competition Within the Immediate Vicinity, Allowing Each Location to Serve as the Primary Storage Destination
- Access to a Number of State and U.S. Highways with Excellent Visibility