Denver-based Q 5000 Properties LLC recently purchased Safeway Mini Storage in Riverview, Mich., for $650,000. The property at 11781 Longsdorf St. encompasses 27,400 square feet of storage space in 157 units.
Built in 1984 on 1.65 acres, the facility is in a suburb of Detroit and 20 minutes from downtown. The property has several deferred maintenance issues, according to a press release from Pogoda Cos., which brokered the transaction. The seller, Safeway MiniStorage LLC, had been trying to sell the property for several years, the release stated. Q 5000 intends to replace the unit doors, update the office, overlay new asphalt and complete other property improvements.
Mark Floria, a commercial real estate advisor for Pogoda, represented the seller in the transaction.
Based in Farmington Hills, Mich., Pogoda Cos. is a self-storage operator with 38 facilities and approximately 3 million square feet of space in Michigan and Ohio. The firm also provides brokerage, management, investment and consulting services to the self-storage industry through Pogoda Group Inc. and Pogoda Management Co.
