CRE Midwest

Marcus & Millichap sells 1,603-unit self-storage portfolio

Schaumberg

Marcus & Millichap Real Estate Investment Services has arranged the sale of The Lock-Up portfolio, a 1,603-unit, two-property portfolio of self-storage facilities located in the Chicago MSA.

Marcus & Millichap Real Estate Investment Services has arranged the sale of The Lock-Up portfolio, a 1,603-unit, two-property portfolio of self-storage facilities located in the Chicago MSA. Terms of the sale were not disclosed. The Chicago-area storage facilities will be rebranded as Uncle Bob’s Self Storage.

Sean Delaney, a senior associate of Marcus & Millichap and director of the firm’s National Self-Storage Group in the Chicago Oak Brook office and John Pasquesi, an investment specialist also in the Chicago Oak Brook office, represented The Lock Up. The buyer was Sovran Acquisition LP, a REIT based in Buffalo, N.Y., operating as Uncle Bob’s Self Storage. Sovran was represented by Angelo Tomasello and Tony Rider from Locke Acquisition Group LLC.

The properties are located at 1401 N. Plum Grove Road in Schaumberg and 1400 S. Skokie Highway in Lake Forest. The Schaumburg storage facility encompasses 86,686 rentable square feet with 726 units, while the Lake Forest storage facility measures 73,894 square feet with 877 units.