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Chicago & Midwest  + Greater Chicagoland  + Industrial  |  June 14, 2024
Jasmine Kilman
By: Jasmine Kilman

Marcus & Millichap Arranges Sale of IL Self-Storage

Marcus & Millichap arranged the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property located in Beach Park, Illinois. Sean M. Delaney, senior managing director investments, marketed the property for the seller, a limited liability company. The buyer, Extra Space Storage, was also secured by Delaney.

“Despite the many headwinds impacting self-storage and commercial real estate today, self-storage remains a highly desirable asset class. After a comprehensive national marketing campaign, we received nine offers from both local, regional and national buyers, including two offers from self-storage REITS. With three Extra Space branded properties in the trade area, this property will be re-branded and operate under the Storage Express brand allowing for more automated operations and continued NOI growth.” said Delaney.

Delivered in 2021, the property offers 197 non-climate-controlled and 250 climate-controlled units in three single story buildings. From June 2022 Self Storage of Beach Park experienced an average monthly revenue growth of 4.28%.

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About Jasmine Kilman

Jasmine Kilman is Content Director of Connect Commercial Real Estate, covering Chicago and greater Chicagoland, the Midwest, Seattle, and the Pacific Northwest. She covers industry trends, transaction deals, market research, and produces daily news stories. With experience in marketing and communications for academic nonprofits and corporate clients, including Hearst Media, Hilton, and Coldwell Banker, Kilman has written about commercial real estate, environmental, social, and corporate governance (ESG), technology, healthcare, and philanthropy. She was born and raised in California and graduated with a degree in public relations. In her spare time, Kilman enjoys hiking and traveling to new locations with her family.
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