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Posted on Thu, Mar 14, 2013 : 5:59 a.m.

SafeLock self storage southwest of Ann Arbor sells for $7.7 million

By Ben Freed


The SafeLock sign is still up at the self storage center on Airey Road, even though the name has officially changed.

Daniel Brenner |

The former owners of SafeLock Self Storage on Airey Drive in Lodi Township really followed the old adage of “buy low, sell high.” The Southfield-based Airey Storage Group LLC sold their storage units in late 2012 to Five Star Partners LLC for $7.7 million, nearly $60 per rentable square foot.

“This was one of the higher prices per square foot of any self storage property I’ve ever sold,” Realtor Brett Hatcher of Marcus & Millichap said.

“Self storage and apartment markets are red hot right now. I can’t keep a listing on the market for long, and this is just one example of that.”

Airey Storage bought the property from Stoneway West LLC in 2007 for $3.25 million. Hatcher represented both parties in the deal, and said the former owners were planning a redevelopment of the property, but decided to sell instead due to the strength of the market.

“Self storage was the number one performing real estate investment on Wall Street the past four years,” Hatcher said.

“It’s much more stable in the downturn of markets and it has weathered the storm much better than other real estate investments.”


According to a fact sheet from the Realtor, both storage buildings are above 98 percent occupied.

Daniel Brenner |

Hatcher said the new owners are a small private self-storage operator based in Cleveland. The company has changed the name of the storage facility to Five Star Store It and may consider installing a kiosk to help automate some processes at the location.

A location manager who declined to be named said the new owners had taken over Jan. 1, but that no changes had taken place.

“It’s new ownership but the same management,” he said. “We’re running essentially business as normal right now. It’s still in the process of moving over though, it’s been an ongoing slow process.”

The storage site has 128,650 square feet of rentable space spread out between two buildings that right now are 98 and 99 percent occupied. Hatcher said there also is the potential for further development on the site.

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Ben Freed covers business for You can sign up here to receive Business Review updates every week. Reach out to Ben at 734-623-2528 or email him at Follow him on twitter @BFreedinA2



Thu, Mar 14, 2013 : 5:40 p.m.

I am well acquainted with this facility (trust me) and this is what I think and know. This sale most likely encompassed both the facility on Airey Ct (across from the Ice Cube) AND the facility on Lohr Rd at Ann Arbor - Saline and I-94. The two facilities have always been under common ownership, although the story does not mention the Lohr Rd facility. There are substantially more than two buildings and substantially less than 128,650 sq ft at the Airey Ct facility. The story probably should have read ' . . . 128,650 square feet of rentable space spread out between two FACILITIES . . . ' That's the only way those figures make sense. The Airey Ct facility is, indeed, the facility pictured and located in Lodi Township.


Thu, Mar 14, 2013 : 12:51 p.m.

Are you sure that's Lodi Township and not Scio Township? It looks to be the place across from the Ice Cube.

Ben Freed

Thu, Mar 14, 2013 : 1:11 p.m.

Good call to all of you, I'm going to add a Google map to the story so everyone can see the exact location of the center. Thanks to everyone who hopped in and helped answer.


Thu, Mar 14, 2013 : 1:08 p.m.

Looks like you're right -- I didn't realize Lodi Twp's boundary came that far east. Thanks


Thu, Mar 14, 2013 : 1 p.m.

Scio Church is the south boundary for Scio Township.


Thu, Mar 14, 2013 : 12:59 p.m.

Oak Valley is the dividing line between Pittsfield and Lodi.


Thu, Mar 14, 2013 : 12:56 p.m.

You're correct - if that's on Airey road, it's the place across from the Ann Arbor Cube and Wide World Sports.


Thu, Mar 14, 2013 : 12:19 p.m.

I'm trying to think of a clever " Storage Wars " comment


Thu, Mar 14, 2013 : 12:06 p.m.

If you buy one of these places, does all the stuff come with it?

Ben Freed

Thu, Mar 14, 2013 : 1:09 p.m.

Seldon, as much fun as that would make the transaction, it's not part of the deal.


Thu, Mar 14, 2013 : 11:52 a.m.

All I can think of is George Carlin's "Stuff" which says it all about human nature and the need to have ....more stuff.


Thu, Mar 14, 2013 : 11:26 a.m.

Sounds like the owners mades a great investment. Good for them! But, when I hear people complaining about their lack of retirement savings, I often ask "do you have a storage unit rented?". Way too often the answer is "yes, I'm spending $100/month on it". . . . . . .