Park Place & Storage in and around Kalamazoo, Mich., was sold to Five Star Store It Kalamazoo, LLC. at a 5.3% cap rate. The 152,500 square-foot self storage facility comprises 1,238 units within six properties.
The seller and buyer were represented in the transaction by Mark Floria, a real estate advisor for Pogoda Cos. Asking price for the property was $6 million.
About Pogoda Cos.
Based in Farmington Hills, Mich., Pogoda Cos. is a self storage operator with approximately 2 million square feet of self storage space in Michigan and Ohio. The firm also provides brokerage, consulting, investment and management services to the self storage industry through Pogoda Group Inc. and Pogoda Management Co.