CRE N Illinois

Illinois site of one of largest self-storage transactions in history

Marcus & Millichap Real Estate Investment Services recently arranged the sale of 42 self-storage facilities in California , Illinois and Hawaii. In all, the A-American Self-Storage portfolio includes more than 2.7 million rentable square feet. The assets, which include 24,917 units, commanded a sales price of $163.4 million.

Illinois is the site of one of the largest self-storage transactions in history.

Marcus & Millichap Real Estate Investment Services recently arranged the sale of 42 self-storage facilities in California , Illinois and Hawaii. In all, the A-American Self-Storage portfolio includes more than 2.7 million rentable square feet. The assets, which include 24,917 units, commanded a sales price of $163.4 million.

Charles “ Chico ” LeClaire, a senior vice president of investments and senior director of the National Self-Storage Group in Marcus & Millichap’s Denver office, represented the seller, A-American Self-Storage of Los Angeles. The buyer, CPA®:17 – Global, a non-traded REIT affiliate of W. P. Carey & Co. LLC, was also secured and represented by LeClaire.

“The transaction was a perfect fit for both the buyer and the seller,” says LeClaire.  “A-American has been paring down its portfolio for the past year and self-storage has been a part of W. P. Carey’s diversification strategy since 2004. The new ownership has acquired stabilized assets in diverse locations in one of the largest transactions in the history of the self-storage industry. The seller received a fair market price, with competitive bidding, and was able to lighten its portfolio substantially in order to meet its goals.”

Multiple transactions have occurred in separate tranches since July, with the final eight CMBS assumptions completed on Nov 10. The last eight assets to trade are located in California and Illinois, according to LeClaire.