Water Tower Self Storage in Clarkston, Mich., was sold to Clarkston Budget Storage, LLC. at a 6.3% cap rate Located at 6366 Sashabaw Road, the 125,000 square-foot self storage facility comprises 731 units. Water Tower Self Storage is a recently constructed property featuring a three-story climate controlled building.
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 $10 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.