Banner Storage Group, LLC (a subsidiary of Banner Apartments, LLC) announced that it has closed on its second development site, a 22,224 square foot land parcel at 1807 W. Devon Avenue in the Edgewater neighborhood of Chicago, IL, located just east of the intersection of Devon and Ridge.
The 6 story, 118,000 square foot development will consist of over 1,200 individual, fully climate controlled self-storage units ranging in size from 4’x4’ stacked locker units which are popular with college students such as those at nearby Loyola University to large, 10’x30’ units which can store an entire home’s furnishings. Other popular amenities at the facility will include: an interior climate controlled loading/unloading area to protect customers from the elements given Chicago’s seasonal weather variations, video and audio monitoring, motion sensors, free customer Wi-Fi and a stylish customer center and retail office. Designed by the renowned Chicago architecture firm of Loebl, Schlossman & Hackl, the facility is expected to break ground in July 2014 and open in the Spring of 2015.
In April 2014, Banner purchased the 106,000 square foot, 7 story Bain Moving & Storage building in Lynn, MA. Strategically located 11 miles north of downtown Boston, the site is approximately 300 feet from State Route 1A, known as The Lynnway, which is a major thoroughfare, with an average daily traffic count of 41,900. Built in 1906 and expanded in 1912, the building was advertised in a 1924 newspaper article as the first “Fireproof Warehouse for the storage of household goods and general merchandise” in the United States. A portion of the original terra-cotta walled, individual storage units with steel fire-proof doors will be retained and renovated to maintain this historical significance. The remainder of the building will be fully renovated with the addition of: climate controlled steel partitioned storage units with roll up doors, sprinklers, an interior climate controlled loading/loading area and a state-of-the-art security package. Construction is expected to be completed this Fall, with a Grand Opening in November 2014.
“Both of these developments represent Banner’s commitment to locate and develop a premium self-storage product in dense, urban in-fill areas of growing major metropolitan markets for today’s sophisticated self-storage customer. These are the first 2 of 10 planned developments this year, and we look forward to successfully completing these developments, experiencing strong lease-up given the compelling supply/demand fundamentals of each project, producing strong investment returns and continuing to expand our self storage platform.” stated Gary Delaney, President of Banner Storage Group, LLC.
About Banner Storage Group, LLC
Banner Storage Group, LLC was formed in July 2013 to diversify Banner Apartments’ real estate holdings outside of the Banner’s multifamily focus. Banner Storage Group is led by Gary Delaney, President, and John Nikolich, Executive Vice President, self-storage industry veterans with over 35 years of combined experience in the development, acquisition, disposition and financing of self storage properties, portfolios and self-storage real estate operating companies.
About Banner Apartments, LLC
Banner Apartments, LLC is a real estate investment management business specializing in the ownership, development and management of multi-family properties. Banner was founded in 1989 and currently has ownership interests in and manages over 6,000 apartment units. In addition, the principals of Banner formed a 501(c)(3) corporation for philanthropic reasons which has acquired to date an additional 439 affordable apartments in Illinois and Florida. Banner currently employs over 250 team members. More information is available at the company’s website: www.BannerApartments.com or by contacting John Nikolich at 847.656.5125 or John.Nikolich@BannerApartments.com]]>