Self-storage buildings sell for $34.4 million

Los Angeles investment firm buys properties in three Milwaukee-area communities

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An affiliate of Los Angeles-based investment firm Kayne Anderson Capital Advisors LP has acquired three Milwaukee-area self-storage facilities for $34.3 million.

All three properties are branded as Extra Space Storage and are being managed by the entity, which is a real estate investment trust. They were acquired from joint venture between The Davis Companies, a Boston-based real estate investment firm and Highland Development Ventures of Valhalla, New York.

Self-storage on the lower level of N. 8th St. and W. Juneau Ave. sold for $13 million.

The facility at 1131 N. 8th St. in Milwaukee was purchased for $13 million. The 1,000-unit facility is on the lower level of a large, mixed-use project in Building 42 of a former Pabst Brewing complex.

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Other parts of the development include an event venue, office space and a rooftop bar.

The upper level of the mixed-use project was spearheaded by local investor Scott Lurie and the lower level self-storage facility was constructed by the Highland/Davis joint venture. The Davis Companies and Highland Development acquired the lower level of the project in 2016 for $3 million, according to state records.

Highland also developed the 80,000-square-foot storage facility at 6805 S. 27th St. in Franklin, which Kayne Anderson acquired for $12.5 million. The property was converted from unused warehouse space in the back of a former Ashley Furniture store and currently features a Hobby Lobby store, in addition to the self-storage.

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The third property is located at 232 S. Curtis Road, selling for $8.75 million.

Self-storage facilities often sell for high prices because they have constant cash flow.

Kayne Anderson Capital manages $27.5 billion in assets across the country, according to its website.

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A spokeswoman for Kayne Anderson Real Estate said the company does not comment on transactions.

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