CHICAGO—The self-storage sector is flying high, but it's largely dominated by small business owners who can't use economies of scale to grow their revenue, and that means a lot of opportunities for the bigger players. Locally-owned properties in Chicago, for example, are now attracting national attention.
Marcus & Millichap, for example, recently helped transfer ownership of Canal Street Self Storage, a 66,063-square-foot, 792-unit self-storage facility at 1601 S. Canal St., from a local operator to a national firm. The price paid and name of the new owner were undisclosed, but Cook County property records show that Devon Self-Storage Holdings of Emeryville, CA, paid almost $12.2 million.
“We had multiple offers and closed this transaction at very near the asking price,” Sean Delaney, first vice president investments in Marcus & Millichap's Chicago Oak Brook office, tells GlobeSt.com.
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