CHICAGO, IL | The LeClaire-Schlosser Group of 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 Extra Space Storage (Managed), a 1,012-unit and 87,582 net rentable square foot self-storage property located in Cicero, Illinois.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Managing Director Investments, in Marcus & Millichap’s Denver, Colorado office, had the exclusive listing to market the property on behalf of the seller, JD3 Property. “Cash flow reigns king in times of market disruption and this asset met a strategic need for the purchaser. We’ve seen investment activity pick up in the top 50 MSAs over the back half of last year and this transaction matches that trend,” said Schlosser. LeClaire added, “We had a motivated seller and an experienced buyer who worked hand in hand to get a complex transaction completed in a professional manner. We enjoyed working with both parties.” The buyer, Storage Post Self-Storage, was also secured by Adam Schlosser and Charles “Chico” LeClaire. Steven Weinstock, Senior Vice President and Regional Manager, served as the broker of record for the transaction.
“Cash flow reigns king in times of market disruption and this asset met a strategic need for the purchaser. We’ve seen investment activity pick up in the top 50 MSAs over the back half of last year and this transaction matches that trend.”
Extra Space Storage (Managed) sits on approximately 1.90 acres of land and was initially constructed in 1914 and converted to self-storage in 2017. The facility has many amenities including a large institutional style leasing office with security and retail display, 24/7 premium Rhombus security system, four large drive-in loading bays with convenient access to two high end commercial elevators, large automatic sliding doors and upgraded LED lighting throughout. The entire facility is comprised of premium Janus metal. The property is located at 1331 S. 55th Court which is situated less than a mile from Interstate 290 in the heavily traveled Roosevelt Road corridor.
