Marcus & Millichap ARRANGES SALE OF ILLINOIS SELF-STORAGE Facility
OAKBROOK TERRACE, IL, June 24, 2015 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of Next Door Storage, a 58,100 square foot self-storage located in Crystal Lake, IL, according to Steven D. Weinstock, First Vice President / Regional Manager of the firm’s Chicago Oak Brook office.
Sean M. Delaney investment specialist in Marcus & Millichap’s Chicago Oak Brook office, and Michael A. Mele, investment specialist in Marcus & Millichap’s Tampa office had the exclusive listing to market the property on behalf of the seller, a limited liability company. The buyer, a limited liability company, was also secured by Sean M. Delaney and Michael A. Mele. “Even though this was an older facility on the fringe of the MSA, this sale showcased buyer’s appetite to expand their presence within a primary market. We expect this trend to continue as demand continues to outpace supply.” says Delaney.
Next Door Storage is located at 7209 Teckler Boulevard in Crystal Lake, IL and sold in 49 days at 94 percent of original list price. Constructed in 1977, expanded in 1985, and renovated in 2013 and 2014, the facility is situated on approximately 4.19 acres and consists of 579 units for a total of 58,100 net-rentable square feet. The facility is fully fenced with an electronic gate allowing for a secure storage option for the local community. The buildings feature concrete block construction on a concrete foundation.
The subject property sits off Teckler Boulevard less than half a mile south of US Highway 14. US 14 has traffic counts of approximately 30,000 cars per day. The facility is located in Crystal Lake which is found in McHenry County and is part of the desirable Chicago MSA.