All Pro Capital Buys Milwaukee-Area Facility
The 511-unit property came online in 2020.
All Pro Capital has acquired a 64,725-square-foot CubeSmart Self Storage facility in Oak Creek, Wis. According to Yardi Matrix data, Bradbury Cos. sold the 511-unit property for $7.5 million.
The sale was subject to a $7.9 million loan originated by The Eastern Colorado Bank, the same data provider shows.
Investment specialists Brian Kelly, Brett Hatcher and Gabriel Coe from Marcus & Millichap’s Columbus office represented the seller. Regional Manager Todd Lindblom assisted in closing the transaction.
The property came online in 2020 and is located on 3.4 acres across five two-story buildings. The facility encompasses a mix of 397 climate-controlled units and 114 non-climate-controlled units, ranging from 25 to 300 square feet. On-site amenities include 24-hour video surveillance, gated and drive-up access.
Located at 275 East Drexel Ave., the property is next to South Howell Avenue, 12 miles from Milwaukee and provides easy access to Interstate 41. The facility is one of six available within a 3-mile radius, offering residents 6.2 rentable square feet per capita. Currently, there are 18 properties in various stages of development across Milwaukee, set to add 825,976 rentable square feet to the existing inventory, Yardi Matrix data shows.
Last month, two other Midwest self storage properties traded, in Chicago and Willmette, Ill., acquired by Westport Properties.