Record-Breaking Self-Storage Portfolio Sale in Greater Milwaukee
Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of two self-storage facilities in the Greater Milwaukee area, The Vault of Menomonee Falls and The Vault of Waukesha. The two properties sold for a total of $17,075,000, which equates to just under $118 per square foot. The sales price is the highest on record for a self-storage portfolio in the Milwaukee-Waukesha-West Allis metropolitan statistical area (MSA).
“After a thorough national marketing campaign, we had multiple offers from both the public and private sectors,” says Sean Delaney, first vice president investments in Marcus & Millichap’s Chicago Oak Brook office. “The level of interest in these facilities, although still in lease up, was commensurate with the quality of these best-in-class assets. Despite the fact that we are still in an uncertain and changing market, this transaction clearly demonstrates the continued demand by investors for quality assets.”
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 moving and storage giant U-Haul. Todd Lindblom, the regional manager of Marcus & Millichap’s Milwaukee office, is the firm’s broker of record in Wisconsin.
“This was the team’s 16th closing of 2017,” adds Mele. “With closings from coast to coast, The Mele Group of Marcus & Millichap is now a true national powerhouse.”
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 U.S. Route 45 and Interstate 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 Parkway/State Highway 59 and under five miles from Interstate 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 approximately 20 miles from Milwaukee. The Milwaukee-Waukesha-West Allis MSA is the most populous metropolitan area in Wisconsin and a top 50 MSA nationwide.