Seven Chicago Area U-Stor-It Facilities Sold for $30 Million

Two of the nation’s largest self-storage REITs have bought six of a seven-property portfolio of U-Stor-It Self Storage properties in the Chicago area. MJ Partners and Marcus & Millichap arranged the sale.According to Marc A. Boorstein, a principal of MJ Partners, the facilities, totaling 544,000 sf, are all newly converted multi-story loft or industrial buildings. The sale portfolio consists of 4,452 storage units totaling 413,513 sf.

Memphis, TN-based Storage USA acquired the following U-Stor-It facilities: a 507-unit, 56,944-sf site at 2100 W. Fullerton Ave. in Chicago; a 670-unit, 112,714-sf facility at 1255 S. Wabash Ave., Chicago; a 563-unit, 81,000-sf property at 707 W. Harrison St., Chicago; an 871-unit, 111,772-sf facility at 4400 W. Addison St., Chicago; and a 657-unit, 66,538-sf property at 7540 N. McCormick Blvd., Skokie, a suburb north of Chicago. Storage USA is now reportedly the second-largest self-storage REIT in the country. The company owns, manages or franchises approximately 495 facilities containing 32.8 million sf in 31 states and Washington, D.C.