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Illinois Self-Storage Portfolio Trades in Deal by Marcus & Millichap
Storage General, a 362,020-square foot self-storage portfolio located throughout central Illinois, has traded to Storage Express. Marcus & Millichap’s Brian Kelly and Brett Hatcher procured the buyer and marketed the portfolio on behalf of a local privately held company, identified by Storage Express as RP Lumber Company. Pricing was not disclosed.
The portfolio totals 12 facilities and 2,052 storage units. It came to market when the sellers, which own and operate more than 50 building materials stores across the state, decided to exit the self-storage business by divesting facilities they’d developed adjacent to their stores over the past decade.
“These facilities averaged 30,000 square feet and are located on retail corridors in smaller markets,” said Jefferson Shreve, president of Bloomington, IN-based Storage Express. “Those are bread and butter locations for us. And their build quality is consistent with the uniformity we seek in our portfolio.”
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- ◦Sale/Acquisition
