Focus Commercial Real Estate in Bentonville announced details on June 6 of a sizable acquisition in Wisconsin.
According to the company, Lok Safe Storage sold its self-storage portfolio in Green Bay for $34.2 million, which equals $72 per square foot.
Limited liability companies headed by Rogers businessmen Patrick Byrd and Alex Baumeister were the buyers. The investment group also owns five self-storage facilities in Sheboygan, Wis., totaling 232,625 square feet. Sheboygan is on Lake Michigan, about an hour south of Green Bay.
The Lok Safe deal includes 11 properties totaling 475,141 square feet.
Focus Commercial Real Estate President and Co-founder Butch Gurganus represented the buyers in the transaction.
“We are excited for our investment group to be part of this transaction and look forward to finding other value opportunities in Northwest Arkansas and throughout the country,” Gurganus said.
Marcus & Millichap closed the sale.
“The Lok-Safe portfolio was a perfect opportunity to expand the Arkansas-based buyer’s footprint in Wisconsin,” said Sean Delaney, senior managing director in Marcus & Millichap’s Chicago Oak Brook office. “The previous owner did a tremendous job aggregating the properties, which were operating at close to 98% occupancy with minimal management.
“The new owner will now have the opportunity to capitalize on the dominant market share with professional management and the implementation of a more sophisticated marketing and revenue management system.”