The owners of Murphys U-Store-It purchased Stop N Store Self Storage in Algonquin, Ill., for $2.8 million, or $51.09 per square foot. Built in 1986, the 54,800-square-foot facility has 394 self-storage units on nearly 6 acres.
Jack and Phil Murphy, father and son, own more than 10 self-storage facilities in Illinois. Phil Murphy is also CEO and founder of Storage By The Box, a ship-and-store, by-the-box storage option that allows customers to ship and retrieve boxes for storage through a secure online portal.
Sean Delaney, a senior associate and John Pasquesi, an associate in the Oak Brook office of Marcus & Millichap Real Estate Investment Services, had the exclusive listing to market the property on behalf of the seller, an individual, and the buyer. The marketing campaign yielded more than 20 tours of the property and 11 offers resulting in the property selling for 100 percent of its original list price.
Marcus & Millichap specializes in commercial real estate investments. The company has more than 1,200 investment professionals in offices nationwide.