Sovran Self Storage Buys Multi-Story Facility in Greater Chicago
|Copyright 2014 by Virgo Publishing.|
|Posted on: 01/23/2013|
Real estate investment trust Sovran Self Storage Inc. has purchased Icon Secure Storage in Aurora, Ill., near Chicago. The three-story facility comprises 71,824 square feet in 768 units. The acquisition was made by Sovran Acquisition LP, and the facility will be rebranded as Uncle Bob’s Self Storage. Financial terms were not disclosed.
Property amenities include a retail office with marble, porcelain and granite; a two-bedroom, two-bathroom manager’s apartment; drive-in access to the main and lower levels; two high-speed elevators; 24-hour keypad access; and individually alarmed units. The site is visible to more than 24,000 vehicles per day along Route 31.
The seller was represented by Sean M. Delaney, an associate vice president of investments in the Chicago Oak Brook office of Marcus & Millichap Real Estate Investment Services. Delaney, who is also a director in the firm’s National Self Storage Group, had exclusivity to market the property. Sovran was represented by Angelo Tomasello, president and CEO of The Locke Group in Williamsville, N.Y.
Marcus & Millichap has more than 1,000 investment professionals in offices nationwide. The company’s three Chicago-area offices last year closed more than 345 transactions totaling $1.42 billion.
Since its inception in 1998, The Locke Group has been primarily engaged in negotiating on behalf of Sovran with self-storage owners for the acquisition of their properties.
Sovran operates more than 460 self-storage facilities in 25 states, with a large presence in Texas.