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 61,000 square foot storage facility located in Chicago, Illinois.
Charles “Chico” LeClaire, Executive Managing Director Investments, and Adam Schlosser, Senior Vice President Investments, in Marcus & Millichap’s Denver, Colorado office had the exclusive listing to market the property on behalf of the Seller, a Chicago-based national developer. “It was a perfect opportunity for the Buyer to increase their portfolio in Chicago by adding a facility in an under-served area of the city. It was a conversion that filled in only 2 years,” says LeClaire. “The Seller took advantage of a great market to sell one of their recent projects at an excellent time of the cycle.” The Buyer was National Storage Affiliates Trust (NYSE: NSA).
“It was a perfect opportunity for the Buyer to increase their portfolio in Chicago by adding a facility in an under-served area of the city. It was a conversion that filled in only 2 years.”
Extra Space Storage (Managed) consists of over 600 units in a prime infill location with visibility from two major thoroughfares in I-90 as well as S Indianapolis Avenue. Major retailers within the one mile trade area include Walmart and Aldi, among others.