Marcus & Millichap Brokers $17M Sale of Self-Storage Portfolio in Greater Milwaukee
MENOMONEE FALLS AND WAUKESHA, WIS. — Marcus & Millichap has brokered the sale of two self-storage facilities in the greater Milwaukee area for $17 million. The Vault of Menomonee Falls and The Vault of Waukesha are located 15 miles from each other and approximately 20 miles from Milwaukee. The sales price is the highest on record for a self-storage portfolio in the Milwaukee-Waukesha-West Allis metropolitan statistical area, according to a news release.
Built in 2016, The Vault of Menomonee Falls opened 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 Vault of Waukesha was built in 2014. The 582-unit facility expanded to 64,648 rentable square feet in 2015. Sean Delaney and Michael Mele of Marcus & Millichap represented the sellers, private investors, and procured the buyer, the publicly traded parent company of U-Haul.