Calder Capital, LLC is excited to announce the acquisition of North Huron Street Storage of Ypsilanti, Michigan by Prestige Storage Capital of Columbus, Ohio.
North Huron Street Storage is a 244-unit self-storage facility located near Eastern Michigan University’s campus. The self-storage facility features an array of storage units including indoor climate-controlled units, indoor non-climate-controlled units, and outdoor drive-up units. The Company offers 21 different sized units ranging from 20 to 340 square feet.
P-Tech Management, LLC purchased North Huron Street Storage in 2006. P-Tech is a family management company owned by Robin and Mike Petix. The Company invests in rentable assets and private equity.
After developing the facility extensively and successfully running the Company for 16 years, P-Tech decided it was time to sell the Company to a larger operator interested in continued expansion. In January 2022, P-Tech engaged Calder Capital to find the ideal buyer for the Company.
Mike Petix commented, “We selected Calder to help us reach a wider breadth of investors and operators beyond the traditional commercial real estate network. There was a lot of value in the business that we built beyond the real estate. We knew of Max Friar’s 20-year track record of unlocking this kind of value for small businesses. The Calder team helped us find the right partner who recognized that value and will take what P-Tech built to the next level.”
Founded in 2016 by Cory Bonda, Prestige Storage Capital is a self-storage management company that provides storage solutions to fit a variety of lifestyles. The Company was recently listed as a “Top 100 self-storage facility owner” by Inside Self Storage.
The Company’s facilities offer climate-controlled units, drive-up units, and indoor and outdoor parking for RVs, boats, and vehicles. The units range from 25 to 2,400 square feet and feature state-of-the-art security.
In 2016, Cory Bonda opened the first Prestige Storage location in Columbus, Ohio. Since then, the Company has grown exponentially and there are now over 34 locations across Michigan, Ohio, Pennsylvania, Louisiana, Mississippi, and Texas. The acquisition of North Huron Street Storage will allow Prestige Storage to further expand its reach into the metro Detroit area. North Huron Street Storage will now be operating as “Prestige Storage, Ypsilanti.”
Cory Bonda stated, “Working with Calder Capital was an overall great experience. Ghazey was very knowledgeable and helpful throughout the process. We were able to finalize the transaction both smoothly and effectively, which is saying a lot given the ever-changing business environment that the last 90 days presented.”
Mergers and Acquisitions Advisor, Ghazey Aleck, served as the lead advisor on the transaction. He worked closely with Mike Petix to find the right buyer to take over ownership of North Huron Street Storage.
“This was a very popular opportunity when we went out to the market and we were able to get multiple offers from many qualified buyers. Prestige Storage Capital proved to be a great option to take over the business from Mike and to continue where Mike left off in making the property one of the best storage solutions in the area,” commented Calder Capital Advisor, Ghazey Aleck.
Calder Capital, LLC served as the exclusive Mergers and Acquisitions Advisor to North Huron Street Storage.
The terms of the transaction were not disclosed.
