REIT grows self-storage portfolio

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Marcus & Millichap completed the sale of a two-property self-storage portfolio in Libertyville and Joliet, Ill. The value of the transaction was approximately $11.6 million. Glendale, Calif.-based Public Storage, a publicly traded REIT, purchased the property from an unidentified seller. The Libertyville facility is located at 1950 Kelley Court and has 74,925 rentable square feet on 6.4 acres. The property consists of 731 units, 524 of which are climate-controlled in a three-story building. The remaining 207 units are traditional, non-climate-controlled, drive-up units. The sales price for the Libertyville facility was $6.8 million. The Joliet facility is located at 3120 Vimy Ridge Drive and has 52,431 rentable square feet on 2.8 acres. The facility is comprised of 557 units, 417 of which are climate-controlled in a three-story building. The remaining units are traditional, non-climate-controlled, drive-up units. The site was constructed in 2001 and the sales price for the Jol...