The $31 million price tag for the facilities with a total of413,513 sf in net, rentable space, represents one of the highestsales prices per sf ever paid in the country for a self-storageportfolio, Charles LeClaire told LeClaire, a seniorinvestment associate at Marcus & Millichap's Denver office, hasserved as the broker for the deal.


The self-storage facilities all are newly converted multi-storyor industrial buildings, in highly visible locations in Chicagosuch as Lincoln Park, the South Loop and the West Loop, as well asin several suburbs close to Chicago, LeClaire says. Together, theportfolio consists of 4,452 storage units.


Storage USA, a REIT based in Memphis, has purchased five of theChicago U-Stor It facilities, representing 428,968-sf in grossspace and 3,269 units. Public Storage Inc., a REIT based inGlendale, CA., has bought a 68,400-sf facility with 817 units at6460 N. Lincoln Ave. in Lincolnwood, a suburb north of Chicago.Meanwhile, a private investor from Chicago has taken over a367-unit facility in Rockford, IL.


U-Stor-It is based in Elgin, IL., a suburb of Chicago. Duringthe past three years, it has sold 21 self-storage facilitiestotaling more than one million sf.

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