Marcus & Millichap sells 768-unit self-storage facility

Posted by MiniCo on Jan 24, 2013 12:00:00 AM

Marcus & Millichap sells 768-unit self-storage facility

Marcus & Millichap Real Estate Investment Services has sold Icon Secure Storage located in the Chicago MSA.

Sean Delaney, an associate vice president investments in Marcus & Millichap’s Chicago Oak Brook office and director in the firm’s National Self Storage Group, had the exclusive listing to market the property on behalf of the seller, a limited liability company. 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 of the Locke Group.

The property is located at 232 S. Lake St., Aurora, and will be re-branded as Uncle Bob’s Self Storage. The three-story, 100 percent climate controlled, state-of-the-art property contains 71,824 rentable square feet, 768 storage units and is highly visible to more than 24,000 cars per day on Route 31 (Lake Street). Amenities to the property include: marble, porcelain and granite appointed retail office, a two-bedroom/two-bathroom mangers’ apartment, drive-in access to the main and lower levels, two high speed elevators, 24-hour access and a security system featuring digital keypad access, individually alarmed units and 24-hour digital video surveillance.

About Marcus & Millichap

Since 1971, Marcus & Millichap Real Estate Investment Services has been the premier provider of investment real estate brokerage services. The foundation of our investment sales is the depth of our local market knowledge. Our 41-year history of maintaining investor relationships in local markets enables us to be the best information source and transaction service provider nationally.

In 2011, Marcus & Millichap closed 5,085 investment transactions for private and institutional investors. By closing more transactions annually than any other firm, our investment professionals are able to provide clients with an unparalleled perspective on the investment real estate market locally, regionally and nationally. Included in these transactions were shopping centers, office and industrial buildings, apartment properties, single-tenant net-lease properties, hotels/motels, senior housing facilities, manufactured home communities, self-storage and land.

Marcus & Millichap has established itself as a leading and expanding investment real estate company with more than 1,000 brokers in markets throughout the United States.