Self Storage Buildings Sell for $34.4 Million

Posted: 6/22/2018 Link:
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Three Milwaukee-area self storage buildings have been sold to a Los Angeles-based firm for $34.3 million, according to state records.

An affiliate of Kayne Anderson Capital Advisors, one of the country’s largest investment firms, purchased the properties from Boston-based Davis Marcus Partners.

One of the properties, at 1131 N. Eighth St., sold for $13 million. It is located on the lower level of the former Pabst Brewery Co. distribution center.

Real estate investor Scott Lurie, who has been redeveloping the upper portion of the building for Milwaukee Brewing Co. and offices, sold the lower level in October 2016 to Davis Marcus Partners for $3 million according to state records.

It contains about 1,000 self storage units.

A second property is located at 6805 S. 27th St. in Franklin. It sold for $12.5 million. The third property is located at 232 S. Curtis Road, selling for $8.75 million.

Self storage facilities often sell for high prices because they have constant cash flow.

Kayne Anderson Capital manages $27.5 billion in assets across the country, according to its website.

Micaela Tamaccio, spokeswoman for Kayne Anderson Real Estate, said the company does not comment on transactions.

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