Brookfield-based Storage Master LLC has sold at least eight of its facilities to a national self-storage giant for $93.2 million.
According to state records, an affiliate of Columbia, Missouri-based TKG-Storagemart Partners LP bought the self-storage facilities from Storage Master. TKG-Storagemart operates under the name StorageMart.
The facility at 8600 Storage Drive, Caledonia, commanded the highest price tag at $17.36 million. Following that were the facilities at 307 W. Layton Ave., Milwaukee, and 5083 S. Packard Ave., Cudahy. They sold for $12.53 million and $12.37 million, respectively.
Other facilities involved in the deal include: 6951 S. Lovers Lane Road, Franklin; 12000 W. Silver Spring Drive and 802 E. Bay St., both in Milwaukee; S66 W14444 Janesville Road, Muskego; and S30 W24720 W. Sunset Drive and W247 S3040 Prairie Ave., village of Waukesha.
The properties are collectively assessed at roughly $17.9 million, according to municipal and county records.
StorageMart also lists a self-storage property in New Berlin on its website. The facility is located at 2601 S. Moorland Road, and according to Waukesha County records is also owned by Storage Master. However, no online record of its sale to StorageMart exists with the state.
The New Berlin facility is assessed at $5.65 million, according to county records.
Neither the buyer nor the seller responded to requests for comment.
TKG-Storagemart operates 195 self-storage facilities with more than 15 million square feet of storage space in the U.S., Canada and the United Kingdom.
Investors have been active in the Milwaukee-area self-storage market this past year, though this is likely the largest portfolio deal among them.
Buffalo, New York-based Life Storage Inc. this summer bought four self-storage properties in Milwaukee County for $48.14 million. In December, Florida-based SROA Capital LLC bought eight self-storage facilities for $37 million.
The former Shopko store in Racine is meanwhile being converted for self-storage use. It sold to a different Florida investor for $2.66 million.