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.

Public Storage, based in Glendale, CA, acquired an 817-unit, 68,400-sf property at 6460 N. Lincoln Ave., Lincolnwood, a suburb also just north of Chicago. Public Storage Inc., which has assets of about $4 billion, acquires, develops, owns and operates more than 1,400 facilities throughout the United States and Canada. The firm is the largest owner and operator of self-storage units in the nation, with locations in 37 states representing over 80 million sf of rentable space. A local private investor acquired a 367-unit, 46,763-sf facility at 3000 Charles St., Rockford, IL.

Within the past three years, Elgin, IL-based U-Stor-It has developed and sold 21 self-storage facilities totaling over one million sf.