Thank you for sharing!

Your article was successfully shared with the contacts you provided.

LIBERTYVILLE, IL-Glendale, CA-based Public Storage has invested another $11.6 million in this market, buying assets here and in Joliet from Oak Brook-based Four Seasons Investors. The properties included a 731-unit, three-story building on 6.4 acres at 1950 Kelley Ct., which commanded $6.8 million.

Also sold was a 557-unit storage facility located on 2.8 acres at 3120 Vinny Ridge Dr. in Joliet, which fetched $4.8 million. While the Joliet facility includes 417 storage units in a three-story, climate-controlled building, 524 units in the Libertyville building are climate-controlled.

“They present an excellent investment opportunity with strong upside potential,” says Marcus & Millichap Real Estate Investment Brokerage Co.’s Charles LeClaire, who brokered the deals with Sean Delaney and Erik Foster.

Public Storage collected $11.80 per sf at its first 88 Illinois properties, according to the REIT’s first quarter financial report, which was a 3.9% improvement from 2004. Net operating income at its Illinois properties jumped 10.5% to $7.7 million in the first quarter, an increase surpassed only by its 126 Florida facilities.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.