Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of Canal Street Self Storage, a 66,063-square-foot, 792-unit self-storage facility in Chicago. The facility sold for an undisclosed amount.
“Given the amount of capital looking to acquire self storage and with a limited amount of quality product for sale, it’s no surprise that we had multiple offers and closed this transaction at very near the asking price,” says Sean Delaney, first vice president investments in Marcus & Millichap’s Chicago Oak Brook office. “Canal Street Self Storage was locally owned and operated since 2001 and will provide the new owner with immediate, solid cash flow and upside through professional management.”
The Mele Group of Marcus & Millichap, Delaney and Michael Mele, senior managing director investments in the firm’s Tampa office, represented the seller, a private investor, and procured the buyer, a limited-liability company based in the western United States.
“This is the team’s 17th closing of the year. It just shows that while the market has slowed down since 2016, it continues to be very strong,” comments Mele.
Located at 1601 South Canal St. in Chicago, the five-story facility overlooks the picturesque heart of Downtown Chicago and is situated in the historic South Loop neighborhood, bordering Chinatown and East Pilsen. The five-mile population surrounding the storage facility has a population of 840,956 and a household income that exceeds the national average.
To cater to the area’s large population, Canal Street Self Storage offers numerous amenities, including elevator access, 24-hour lockers, wide avenues for large truck and trailer access and two levels of docks for loading and unloading. The facility has a wide range of storage options such as eco-friendly storage containers, business documentation storage, climate-controlled units, uncovered boat/recreational vehicle parking spaces, and wine storage.