Marcus & Millichap has arranged the sale of a newly built Public Storage facility on Chicago’s North Side, adding a sizable self-storage asset to the city’s investment sales pipeline. The property, located at 5251 N. Kedzie Ave. in Chicago, Illinois, comprises 916 climate-controlled self-storage units totaling 72,899 rentable square feet. The facility reached completion in 2024 and reflects current institutional-grade specifications for modern self-storage assets.
The asset was marketed by Marcus & Millichap investment professionals Jeffrey Herrmann and Sean Delaney from the firm’s Chicago Oak Brook office. They represented the seller, identified in the announcement as an Illinois-based LLC. A Texas-based LLC ultimately acquired the property, with Delaney sourcing the buyer. While specific pricing and capitalization details were not disclosed, the transaction underscores ongoing investor appetite for well-located, newly delivered self-storage product in major urban markets.
In discussing the transaction, Herrmann noted that higher-than-average development complexity has limited the pace of new self-storage construction in the Chicago area. That constraint on new supply has helped position Chicago as one of the stronger rental rate markets nationally for the self-storage sector. According to Herrmann, those fundamentals are drawing investors who are targeting high-quality, institutional-caliber assets in locations where new competition is difficult to bring online.
The Public Storage facility benefits from a dense surrounding population and a local housing stock that is predominantly renter-occupied, providing a favorable demand base for storage users. The property also enjoys strong visibility along North Kedzie Avenue, a factor that can support both brand exposure and leasing velocity for the facility. Its 2024 completion date, combined with climate-controlled unit offerings, positions the property as a contemporary option relative to older facilities in the market.
The buyer and seller were not further identified beyond their state of registration, and no additional details were released regarding the capitalization of the acquisition, existing or projected occupancy, or any future business plan for the property. However, the closing adds another data point to transaction activity in Chicago’s self-storage segment, where supply constraints and healthy rental performance continue to attract interest from both regional and out-of-state capital.
The article announcing the deal also highlighted an upcoming industry event focusing on industrial real estate. On August 20, executives, investors, and developers active in industrial property are scheduled to convene at Connect Industrial West 2026 to discuss trends in capital flows, debt markets, occupier demand, and development strategies. Information on that conference is available at www.connectindustrialwest2026.com, offering market participants an additional forum to assess how capital is engaging with logistics, warehouse, and related industrial assets across the West Coast.
