New Berlin acquisition puts self-storage portfolio deal up to $125 million

Self-storage market has been busy in region lately

Moorland Road StorageMart. Credit: Google
Moorland Road StorageMart. Credit: Google

National self-storage giant TKG-Storagemart Partners LP entered the southeastern Wisconsin market in a big way recently, with the acquisition of ten facilities from Brookfield-based Storage Master LLC.

State records show the self-storage properties collectively sold for $125 million.

TKG-Storagemart is based in Columbia, Missouri, and operates under the name StorageMart. Real-estate transfer records posted by the state initially revealed StorageMart acquired eight of those properties for $93.2 million.

The final transaction, posted at a later date, turned out to be the priciest. A New Berlin self-storage facility at 2601 S. Moorland Road, and another property nearby at 16500 W. Glendale Drive, sold for $31.8 million. The properties are assessed at $7 million, according to Waukesha County records.

StorageMart now owns and operates facilities in Caledonia, Cudahy, Franklin, Milwaukee, Muskego, New Berlin and the village of Waukesha.

The properties altogether have assessed values of roughly $25 million, according to municipal and county records.

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.

The self-storage market has been busy in southeastern Wisconsin of late.

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.

In addition, the former Shopko store in Racine and another in Kenosha are slated for conversion to self-storage use.

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Alex Zank covers commercial and residential real estate for BizTimes. Alex previously worked for Farm Equipment magazine and also covered statewide construction news at The Daily Reporter. He graduated from the University of Wisconsin-Eau Claire, where he studied journalism, political science and economics. Having grown up in rural western Wisconsin, Alex loves all things outdoors, including camping, hiking, four-wheeling and hunting.

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