A real estate fund managed by Morgan Stanley recently acquired a 69,945-square-foot, 698-unit self-storage facility in McCook, Ill. The facility had been managed by Extra Space Storage Inc. on behalf of JSM Ventures but will be rebranded as Safeguard Self Storage. The Self Storage Group of Chicago-based MJ Partners Real Estate Services brokered the sale.
The facility is approximately 90 percent occupied and features a two-story glass atrium entrance with complete drive-through access. Located at 9001 W. 47th St. in McCook, the facility is approximately three miles from the southwest border of Chicago.
The sale represents the first non-distressed sale of a stabilized, class-A self-storage property in Chicagoland in more than three years, said Marc Boorstein, principal with MJ Partners, in a news release.
MJ Partners is a full-service real estate brokerage and investment banking company specializing in commercial real estate, mortgage banking and consulting services.
Atlanta-based Safeguard Self Storage was founded in 1989 and today operates facilities in Florida, Illinois, Louisiana, New Jersey, New York and Pennsylvania. Safeguard is a privately held company owned by a real estate investment trust and managed by Morgan Stanley Real Estate Advisors.