MILWAUKEE, CHICAGO-The moving and storage giant U-Haul has just bought The Vault of Menomonee Falls and The Vault of Waukesha, two self-storage facilities in the Greater Milwaukee area, for a total of $17,075,000. At just under $118 per square foot, the sales price is the highest on record for a self-storage portfolio in the metro area.
The properties had attracted a lot of attention from investors, including the big REITs that specialize in self-storage. And even though these properties are still in the lease up phase, the quick sale did not surprise experts.
“These are new class A assets,” Sean Delaney, first vice president investments in Marcus & Millichap's office in Oak Brook, IL, tells GlobeSt.com. “For a long time, Milwaukee was a low-activity market, but it recently hit everyone's radar screen. And in the last couple of years there has been a lot of activity in terms of new development, both ground up and conversions.”
The Mele Group of Marcus & Millichap, Delaney and Michael Mele, senior managing director investments in the firm's Tampa office, represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul. Todd Lindblom, regional manager of Marcus & Millichap's Milwaukee office, is the firm's broker of record in WI.
Built in 2016, The Vault of Menomonee Falls opened in late 2016 with a total of 451 units and 39,573 rentable square feet. Phase II construction will be completed over the next 12 months and will expand the property to a total of 80,230 net rentable square feet and 768 units. The property is located near US Rte. 45 and I-41, adjacent to the Bruceton Manor neighborhood. National retailers, including Walmart, McDonald's and Kohl's, are nearby.
The Vault of Waukesha was built in 2014. The 582-unit, 64,648 rentable square foot facility opened and expanded to twice its original in size in 2015. The property is situated less than one mile from Les Paul Pkwy./Ste. Hwy. 59 and under five miles from I-94. A large residential community, Sunset Heights, and a McDonald's face the facility. Carroll University is within two miles.
The properties are within 15 miles of each other and both are about 20 miles from Milwaukee.
MILWAUKEE, CHICAGO-The moving and storage giant U-Haul has just bought The Vault of Menomonee Falls and The Vault of Waukesha, two self-storage facilities in the Greater Milwaukee area, for a total of $17,075,000. At just under $118 per square foot, the sales price is the highest on record for a self-storage portfolio in the metro area.
The properties had attracted a lot of attention from investors, including the big REITs that specialize in self-storage. And even though these properties are still in the lease up phase, the quick sale did not surprise experts.
“These are new class A assets,” Sean Delaney, first vice president investments in Marcus & Millichap's office in Oak Brook, IL, tells GlobeSt.com. “For a long time, Milwaukee was a low-activity market, but it recently hit everyone's radar screen. And in the last couple of years there has been a lot of activity in terms of new development, both ground up and conversions.”
The Mele Group of Marcus & Millichap, Delaney and Michael Mele, senior managing director investments in the firm's Tampa office, represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul. Todd Lindblom, regional manager of Marcus & Millichap's Milwaukee office, is the firm's broker of record in WI.
Built in 2016, The Vault of Menomonee Falls opened in late 2016 with a total of 451 units and 39,573 rentable square feet. Phase II construction will be completed over the next 12 months and will expand the property to a total of 80,230 net rentable square feet and 768 units. The property is located near US Rte. 45 and I-41, adjacent to the Bruceton Manor neighborhood. National retailers, including Walmart, McDonald's and Kohl's, are nearby.
The Vault of Waukesha was built in 2014. The 582-unit, 64,648 rentable square foot facility opened and expanded to twice its original in size in 2015. The property is situated less than one mile from Les Paul Pkwy./Ste. Hwy. 59 and under five miles from I-94. A large residential community, Sunset Heights, and a McDonald's face the facility. Carroll University is within two miles.
The properties are within 15 miles of each other and both are about 20 miles from Milwaukee.
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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
