July 26, 2023 9:00 AM
Newmark announces the sale of Bullock’s Guns & More, a 26,020-square-foot industrial self-storage facility and specialty retail asset, located at 5302 Richfield Road in Flint, Michigan. The asset traded for $1.25 million from seller Bullock’s Guns & More, Inc. to buyer Port Huron Self Storage, LLC. Newmark Director Kris Parker and Executive Managing Director Frederick Liesveld were the exclusive brokers on the transaction representing both the seller and buyer.
“With the closing of this transaction, we are gratified to have secured this complimentary outcome on behalf of all parties and congratulate both buyer and seller,” said Parker. “5302 Richfield Road presented a unique opportunity for an investor to acquire self-storage units, parking and an office and a home for lease on the property, which made for a highly attractive endeavor for the buyer. We look forward to witnessing continued milestones at the property.”
Following the disposition of Bullock’s, the sellers immediately liquidated the inventory from the retail shop. The buyer, Port Huron Self Storage, will convert this space to provide the market with an additional 6,000 square feet of Self-Storage space consisting entirely of climate-controlled units.
Located in the submarket of East Michigan, Bullock’s Guns & More offers a variety of services for the community, including access to 141 self-storage units, of which 101 are occupied, parking and an office and a home for lease on the property. The asset sits on a 1.86-acre parcel and features 20,008 square feet of rentable space as well as seven buildings located on the site property.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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