Press Releases
Marcus & Millichap Arranges the Sale of a 57,040-Square-Foot Self-Storage Property in Beach Park, Illinois
June 12, 2024
BEACH PARK, Illinois, May 23rd, 2024– Marcus & Millichap arranged the sale of Self Storage of Beach Park, a 57,050-square-foot self-storage property located in Beach Park, Illinois, according to Steven D. Weinstock, regional manager and senior vice president of the firm’s Chicago Oak Brook office. 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 9 offers from both local, regional and national buyers including two offers from self-storage REITS. This was a win-win for both parties. The sellers were able to execute on their exit strategy for retirement and the buyer, EXR, was able to expand their footprint in this market.
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%.
“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 9 offers from both local, regional and national buyers including two offers from self-storage REITS. This was a win-win for both parties. The sellers were able to execute on their exit strategy for retirement and the buyer, EXR, was able to expand their footprint in this market.
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 Marcus & Millichap, Inc. (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, 2024, the company had 1,712 investment sales and financing professionals in over 80 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 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
