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WATERFORD, MI-OB Cos. in Indianapolis has acquired 4.8 acres from a local entity to develop a self-storage property with a retail component. The property, at the southwest corner of Airport Road and M-59, was acquired from Detroit-based Mazza Properties, LLC for $1.98 million, less than the original list price of $2.25 million.

According to Brad Boatin, retail associate with Insite Commercial Group/TCN Worldwide's Southfield office, the buyer has already launched construction on the property, with the completion date scheduled to be summer 2006. Construction costs on the project could not be obtained by press time.

"The storage facility will be 70,000 sf, with retail averaging around 11,000 sf," says Boatin, who with Insite's Adam Ossipove, represented the buyer in the transaction. Eagle Commercial Realty Services' local office represented the seller.

Boatin tells GlobeSt.com that the retail center will consist mostly of retail service tenants. Insite will handle leasing activities on the property once it's completed. OB Companies specializes in self-storage developments. "Self storage is their main business and the retail developments are ancillary," Boatin adds.

OB Companies developments in Michigan include Shurgard Storage facilities in Dearborn, Farmington, Roseville, Telegraph and Westland. The company has also developed self-storage locations in Florida.

Instant Insights /

Self-Storage Facility To Be Developed on Nearly Five Acres

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