Public Storage Pays $12M for Suburban Facilities

LIBERTYVILLE, IL-Glendale, CA-based Public Storage has invested another $11.6 million in this market, buying assets here and in Joliet from Oak Brook-based Four Seasons Investors. The properties included a 731-unit, three-story building on 6.4 acres at 1950 Kelley Ct., which commanded $6.8 million.

Also sold was a 557-unit storage facility located on 2.8 acres at 3120 Vinny Ridge Dr. in Joliet, which fetched $4.8 million. While the Joliet facility includes 417 storage units in a three-story, climate-controlled building, 524 units in the Libertyville building are climate-controlled.

“They present an excellent investment opportunity with strong upside potential,” says Marcus & Millichap Real Estate Investment Brokerage Co.’s Charles LeClaire, who brokered the deals with Sean Delaney and Erik Foster.

Public Storage collected $11.80 per sf at its first 88 Illinois properties, according to the REIT’s first quarter financial report, which was a 3.9% improvement from 2004. Net operating income at its Illinois properties jumped 10.5% to $7.7 million in the first quarter, an increase surpassed only by its 126 Florida facilities.