SVN Brokers Sale of 5-Property Portfolio
- May 29, 2018
SVN Chicago Commercial has arranged the sale of a five-property self-storage portfolio in Kewanee and Atkinson, Ill., for $1.3 million. The 47,000-square-foot storage portfolio traded at an 8.8 percent cap rate to a regional self-storage operator in a 1031 exchange.
The portfolio consists of four properties located in Kewanee Ill., near highways 78, 81 and 34, nearly within a three-mile radius of each other at:
- 1313 W. 6th
- 817 Lake St.
- 604 N. Tremont St.
- 1103 N. Main St.
The fifth facility is situated in the adjacent town, in Atkinson, Ill., just off Highway 6 and Interstate 80, around 20 miles from the Kewanee properties, at 514 N. Spring St. Four of the properties are branded Mid State Mini Storage and the fifth is a Pay & Store storage building. The storage properties offer a total of 300 units.
“Mature self-storage properties like this, with consistent tenancy and low vacancy, continue to be an excellent investment play at a reasonable valuation,” said David Coupe of SVN Chicago Commercial, in prepared remarks.
Image courtesy of SVN Chicago Commercial