Investcorp sells off Chicago self-storage facilities

In a busy week for Investcorp, the firm’s property arm announced today that it has sold four Chicago-area self-storage facilities.

The real estate investment arm of Bahrain-based Investcorp announced today that it sold four self-storage facilities in the Chicago area. Terms of the sale and the buyer were not disclosed.

Investcorp acquired the properties in a joint venture with Scottsdale, Arizona-based Storage Today in late 2004. The portfolio had an occupancy rate of 49 percent when it was first purchased, which increased to almost 75 percent by the time of its sale, according to the firm.

Operating under the Storage Today brand, the properties include four self-storage units totaling 368,000 square feet. Two of the properties are located in the city of Chicago, while the other two are in the suburbs of Countryside and Bolingbrook.

Yesterday, Investcorp announced it is working with a Connecticut developer to develop Highgrove Condominiums, a 243,000-square-foot, 95-unit condominium project in Stamford, Connecticut.

Investcorp invests across the alternative asset spectrum and has offices in New York and London, in addition to its headquarters in Bahrain. The firm’s New York-based property arm currently has assets valued at $4.1 billion (€2.9 billion).