Smartstop Fund Buys Repurposed Milwaukee Facility
The firm has expanded its portfolio with the acquisition of a 770-unit newly converted storage asset.
Capitol Drive Storage. Image courtesy of EquiCap Commercial
Strategic Storage Growth Trust II has purchased Capitol Drive Self Storage, an 83,310-net-rentable-square-foot facility in Milwaukee, Wis. EquiCap Commercial arranged the sale of the storage and represented both the seller and the buyer.
Situated at 3420 W. Capitol Drive, the newly constructed storage asset is alongside Freeway 190, within 6 miles of downtown Milwaukee. The facility is positioned near residential areas such as the Garden Homes, Roosevelt Grove and Lincoln Creek neighborhoods. Additionally, there are more than 28,000 rental units completed or under construction within a 5-mile radius, according to Yardi Matrix.
Capital Drive Self Storage was converted into a storage asset from a manufacturing building. The newly redeveloped facility sits on roughly 4 acres and encompasses 770 climate- and non-climate-controlled units, ranging from 25 to 480 square feet. Other characteristics of the asset include a covered loading area, gated access, video surveillance and computerized keypad access.
Managing Partner Jesse Luke and Vice President Scott Rihm of EquiCap Commercial arranged the deal. In May, the firm also co-brokered the sale of Battle Creek Self Storage in Battle Creek, Mich.
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