Press Releases
Marcus & Millichap Arranges Sale of 1,103-Unit Self-Storage Property in Detroit MSA
April 02, 2025
WESTLAND, Mich., April 2, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Five Star Store It, a 1,103-unit self-storage property located in Westland, Michigan.
“We’re excited to close another transaction in this challenging interest rate environment with a strong buyer,” said Brett Hatcher, executive managing director investments. “It’s encouraging to see increased competition among buyers for existing cash-flowing storage assets over the past six to 12 months.”
Hatcher, Gabriel Coe and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a private regional seller, and procured the buyer, MyPlace Storage. Steve Chaben is the firm’s broker of record in Michigan.
Five Star Store It sits on 22 acres at 5235 S. Merriman Road in Westland, Michigan, within the Detroit metro area. The facility includes 30 climate-controlled units, 774 non-climate-controlled units and 229 parking spaces, totaling 115,707 net rentable square feet. The property has high visibility, excellent street frontage and a dense surrounding population of 215,668 people within five miles. A retail component on-site will be converted into climate-controlled storage.
“We’re excited to close another transaction in this challenging interest rate environment with a strong buyer,” said Brett Hatcher, executive managing director investments. “It’s encouraging to see increased competition among buyers for existing cash-flowing storage assets over the past six to 12 months.”
Hatcher, Gabriel Coe and Nathan Coe, investment specialists in Marcus & Millichap’s Columbus office, had the exclusive listing to market the property on behalf of the seller, a private regional seller, and procured the buyer, MyPlace Storage. Steve Chaben is the firm’s broker of record in Michigan.
Five Star Store It sits on 22 acres at 5235 S. Merriman Road in Westland, Michigan, within the Detroit metro area. The facility includes 30 climate-controlled units, 774 non-climate-controlled units and 229 parking spaces, totaling 115,707 net rentable square feet. The property has high visibility, excellent street frontage and a dense surrounding population of 215,668 people within five miles. A retail component on-site will be converted into climate-controlled storage.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
