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 Chicagos Midway Airport. The fourth property is in Lincolnshire, Ill.