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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Brian J. Rogal
Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.
