A 47,000 square-foot self storage portfolio consisting of five properties sold in Kewanee, Illinois. David Coupe of SVN | Chicago Commercial represented the seller in the transaction.
The 300-unit portfolio sold for $1,275,000 at an 8.8% CAP to a regional self storage operator in a 1031 exchange. The properties, located at 1313 W. 6th Street, 817 Lake Street, 604 N. Tremont Street, 514 N. Spring Street (in Atkinson, Illinois), and 1103 N Main Street, consisted of four Mid State Mini Storage buildings and one Pay & Store Self Storage building, respectively.
“Mature self storage properties like this, with consistent tenancy and low vacancy, continue to be an excellent investment play at a reasonable valuation,” Coupe said.