MARCUS & MILLICHAP SELLS 1,603-UNIT SELF-STORAGE PORTFOLIO IN CHICAGO MARKET

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    Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of The Lock-Up portfolio, a 1,603-unit, two-property portfolio of self-storage facilities located in the Chicago MSA. Terms of the sale were not disclosed. The Chicago-area storage facilities will be rebranded as Uncle Bob’s Self Storage. Sean Delaney, a senior associate of Marcus & Millichap and director of the firm’s National Self-Storage Group (NSSG) in the Chicago Oak Brook office and John Pasquesi, an investment specialist also in the Chicago Oak Brook office, represented The Lock Up. The buyer was Sovran Acquisition LP, a REIT based in Buffalo, N.Y., operating as Uncle Bob’s Self Storage. Sovran was represented by Angelo Tomasello and Tony Rider from Locke Acquisition Group LLC. “These Class A properties are a fine addition to our portfolio and provide us with a solid foundation in which to expand our footprint in the Chicago market,” says Paul Powell, Sovran’s executive vice president of real estate investment. “The due diligence and closing process with Sovran was the smoothest we have ever experienced when selling an asset. They were true to their word and closed without any issues,” says Rick Hielscher, a partner at The Lock Up Self Storage. The properties are located at 1401 North Plum Grove Rd. in Schaumberg, Ill., and 1400 South Skokie Highway in Lake Forest, Ill. The Schaumburg storage facility encompasses 86,686 rentable square feet with 726 units, while the Lake Forest storage facility measures 73,894 square feet with 877 units. About Marcus & Millichap With more than 1,000 investment professionals in offices nationwide, Marcus & Millichap Real Estate Investment Services is the largest firm specializing in commercial real estate investment services in the nation. Marcus & Millichap closed 5,085 transactions in 2011, the highest of any commercial real estate brokerage firm. Founded in 1971, the firm has perfected a powerful system for marketing properties that combines product specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors nationally.]]>

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