Leitbox Storage Partners Announces New Financing from Protective Life Insurance Corporation
October 20, 2021 | Leitbox Storage Partners
Leitbox Storage Partners, a self-storage investment and development platform based in Birmingham, Alabama, announced today that it has closed another construction financing vehicle with Protective Life Insurance Corporation, Inc. to fund a new opportunity – a storage development in Bloomfield Hills, MI.
“Our latest development in Hilliard, OH (Columbus Ohio MSA) came in on-time and under-budget freeing up budget surplus, realized by our programmatic development process. The Bloomfield Hills submarket is known for incredible demographics and a high barrier to entry. We couldn’t be more excited as we soon move into construction,” said Bill Leitner, Managing Principal of Leitbox Storage Partners.
Bloomfield Hills, MI is located 20 miles northwest of Detroit. The site’s surrounding 3-mile trade area features excellent demographics: Median Home Value of $342,000 and Average Household Income of $124,000 spread across more than 50,000 people1. The property is positioned directly on Route 24, a major area corridor. The three-story, 4th generation climate-controlled facility is planned to offer 1,168 new storage units to the market—currently paying over $200/month for climate-controlled 10×10 units.
About Leitbox Storage Partners
Leitbox Storage Partners (“Leitbox”) is a real estate company that develops and acquires self-storage (often with mixed use & retail integration) in primary and secondary markets throughout the United States. In addition to programmatic, greenfield development of vertical self-storage, the founder utilizes his 25+ year history in the retail and mixed-use sectors to identify and acquire retail, big-box conversion opportunities and other storage facilities.
1 ©2021, Sites USA, Chandler, Arizona, 480-491-1112 Demographic Source: Applied Geographic Solutions 5/2021, TIGER Geography – RFULL9. This report was produced using data from private and government sources deemed to be reliable.
