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Developer Sells South Elgin Self-Storage for $12M
Marcus & Millichap brokered the $11.65-million sale of AAA Storage, a 72,850-net-rentable-square-foot self-storage facility at 300 Sundown Rd. in South Elgin, IL. 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, SVP of investments in Marcus & 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.
The 7.13-acre property contains 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.
- ◦Sale/Acquisition
