REIT buys massive self-storage portfolio

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Marcus & Millichap arranged the sale of a seven-property, 2,903-unit self-storage portfolio in Colorado. The purchase price was $19.5 million. The properties include: Airport Self-Storage, in Aurora, 514 units; Altura Self-Storage, in Aurora, 290 units; South Broadway Self-Storage, in Littleton, 365 units; South Federal Self-Storage, in Englewood, 372 units; Lakewood Self-Storage, in Denver, 452 units; Nook & Cranny Self-Storage, in Colorado Springs, 513 units; and Avon Self-Storage, in Avon, 397 units. Bulgroup Properties LLC sold the properties to U-Store-It, a national REIT listed on the NYSE. The facilities were built between 1977 and 1989 and have a total of 317,394 rentable square feet. The facilities were 84 percent occupied at the time of sale. Encino, Calif.-based Marcus & Millichap is a commercial real estate brokerage operating nationwide. *** What's your opinion? Send your Letter to the Editor to