Leitbox Storage Partners, a sponsor of private placement investments, sold a newly developed self-storage facility in Bloomfield Hills, Michigan for $20.5 million.
Leitbox broke ground on the property in March of 2021. The company declined to provide the dollar amount invested.
“Our latest development in Bloomfield Hills, [Michigan] was the largest three-story [fifth] generation development we’ve ever done and came in on-time and under-budget,” said Bill Leitner, managing principal of Leitbox Storage Partners. “This disposition represents the successful execution of our business plan, and we are excited to see the completion of this project.”
Bloomfield Hills is located 20 miles northwest of Detroit. The site’s surrounding three-mile trade area features a median home value of $342,000 and average household income of $124,000 spread across more than 50,000 people.
The property is positioned directly off Route 24. The climate-controlled facility offers 1,168 new storage units across 157,965 square feet.
Leitbox Storage Partners, a private placement sponsor focused on self-storage investments, develops and buys self-storage facilities, often with mixed use and retail integration, in primary and secondary markets throughout the United States. In addition to the development of vertical self-storage properties, the company identifies and acquires big-box retail properties for conversion.