The four properties have 3,747 units combined with a total 368,647 sf, according to a released statement from Simply Self Storage. The company has more than 14.7 million sf of storage space with more than 200 properties in 18 states and Puerto Rico. The properties are located at 565 W. Boughton Rd. in Bolingbrook with 84,838 net rentable sf; 9801 W. 55th St. in Countryside with 97,341 net rentable sf; 3647 N. Western Ave. in Chicago, with 88,228 net rentable sf, and 407 W. 25th St. in Chicago with 98,240 net rentable sf.

The portfolio was acquired by the partnership in 2004 and had a rental rate of 49%, according to a released statement from the partnership. The rental rate is currently 75% and rental fees have been increased since being acquired by the partnership. Donald Murney, CEO of Storage Today, said that the properties are "best in class assets in fantastic markets." Murney said the rental rate varies and that he could not disclose how many self-storage properties the partnership owns.

StorageMart, headquartered in Columbia, MO, sold the portfolio to Investcorp and Storage Today about three years ago, says StorageMart chief executive officer Mike Burnam, a prior owner of the properties who was not involved in the sale. Burnam would not disclose the price StorageMart sold the portfolio for but said that $55 million was "a lot more" than the sales price StorageMart received. "We sold because we thought the portfolio's value was maxed out. We sold them for a negative cap rate," Burnam said in an email. At the time of the sale to the partnership, one location was 70% rented, two were empty and one was only 30% rented.