Marcus & Millichap, a leading commercial real estate firm, recently facilitated the sale of Self Storage of Beach Park in Illinois. The 57,050-square-foot self-storage property was marketed by senior managing director investments Sean M. Delaney on behalf of the seller, a limited liability company. The buyer for this highly desirable asset class was Extra Space Storage and Delaney successfully secured their acquisition.
Despite current challenges facing both the self-storage and commercial real estate industries, this property received significant interest during its national marketing campaign with nine offers from local, regional and national buyers including two from self-storage REITS. With three existing Extra Space branded properties in close proximity to Self Storage of Beach Park , it will be re-branded as part of their Storage Express brand which will allow for more automated operations resulting in continued growth in net operating income (NOI).
Built just last year (2021), this facility boasts 197 non-climate-controlled units along with an additional 250 climate-controlled units spread across three single-story buildings. Since June 2022 there has been an impressive average monthly revenue growth rate at Self-Storage Of Beach Park reaching up to 4.28%. This recent transaction is now featured on Connect CRE’s platform showcasing Marcus & Millichap’s successful arrangement for investors seeking opportunities within the ever-growing market segment that is self storage.
