Sovran Self-Storage purchased two self-storage facilities for a reported total of $13,445,250. The portfolio sale consisted of two buildings with a combined total of 1,603 units. The first property is located at 1400 S. Skokie Hwy in Lake Forest, IL and it has 877 units. This property sold for an allocated amount of $8,921,250. The second property is located at 1401 N. Plum Grove Rd. in Schaumburg, IL and it has 726 units. The reported allocated value for this property was $4,524,000. The prices published here are allocated prices that were confirmed by the seller’s agents. The sale of these properties also included the value of the business since they were operational self-storage facilities at the time of sale, and will continue to operate as such. The only difference is that they will now be known as Uncle Bob’s Self-Storage. Sean Delaney and John Pasquesi of Marcus & Millichap out of the Oakbrook Terrace, IL office represented the seller. Reportedly, these were not actually listed for sale; for some time, the buyer has looked for opportunities to expand into the Chicago market. These facilities are their first properties in Illinois. In a presentation with investors, the buyer stated the cap rate on these acquisitions were in the range of 7-7.5%. 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 40-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.]]>