Deal includes adjacent 2.4-acre site where new owner plans to develop climate-controlled building
Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today it brokered the $11.65 million sale of AAA Storage, a 72,850-net-rentable-square-foot self-storage facility at 300 Sundown Road in South Elgin, Ill. The transaction also included an adjacent 2.4-acre land parcel where the new owner is expected to develop a three-story climate-controlled building.
Sean Delaney, senior vice president of investments in Marcus and Millichap’s Chicago Oak Brook office, represented the seller, Shanahan Enterprises, LLC, and procured the buyer, Trojan Storage.
“This was a win-win for both parties, as it allows the seller, who was the original developer, to pursue other interests out of state and provides the new owner with the opportunity to expand the asset and create additional value through institutional-level property management,” said Delaney. “With multiple compelling offers, this deal demonstrates the strength of not only the self-storage market, but also of the Chicago metro area.”
The 7.13-acre property, which was constructed in 1995, consists of 388 units within eight drive-up non-climate-controlled buildings, 13,000 square feet of industrial/flex space and 28 outdoor parking spaces. At the time of sale, 96% of the units were occupied.
Property amenities include controlled gate access, perimeter fencing, security lighting, 24/7 video surveillance, paved driveways, rollup doors and a full-service on-site management office.
About Marcus & Millichap (NYSE: MMI) Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
