Four Self-Storage Facilities in Chicago Sold to N.Y. Company for $11M

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Australian-based Babcock & Brown sold four of its self-storage facilities in metropolitan Chicago to New York-based W. P. Carey & Co. LLC for $11.8 million. MJ Partners Self Storage Group brokered the sale.

The portfolio consists of 227,665 square feet of rentable self-storage space, 2,230 storage units, and 36,854 square feet of industrial warehouse space. The portfolio was 71% occupied at the time of the sale. Extra Space Storage will maintain third-party management of the properties.

“The portfolio generated bids from 14 different parties nationwide, demonstrating renewed interest in the market for income-producing commercial properties,” said Marc Boorstein, principal with MJ Partners.

Three of the properties are located in close proximity to Chicago’s Midway Airport. The fourth property is in Lincolnshire, Ill.

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