Press Releases
Marcus & Millichap Brokers Sale of 317-Unit Self Storage Property in Illinois
December 18, 2024
PLAINFIELD, Ill., Dec. 16, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Route 59 Self Storage, a 317-unit self-storage property located in Plainfield, Illinois.
“After a comprehensive month-long national marketing campaign, we received 12 competitive offers,” said Sean Delaney, senior managing director. “It was a Mom-and-Pop-owned and -operated property in a thriving suburb of Chicago, adjacent to a Walmart. Rental rates were 30% to 60% below market, and there was no advertising, no website, and no tenant insurance offerings. Additionally, the property included land available for expansion. Given the location and the number of levers to pull to add value, the transaction exceeded the seller’s expectations.”
Delaney, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, Route 59 Self Storage, Inc, and procured the buyer.
Located at 24111 Theodore St., Route 59 Self Storage features 317 non-climate-controlled units and 150 outdoor RV and parking spaces across 46,950 rentable square feet. Built in 1994, the fully fenced facility sits on 7.15 acres and offers expansion potential for two additional buildings. The property is conveniently located near major retailers, restaurants and residential communities, making it an ideal storage solution for the densely populated surrounding area.
“After a comprehensive month-long national marketing campaign, we received 12 competitive offers,” said Sean Delaney, senior managing director. “It was a Mom-and-Pop-owned and -operated property in a thriving suburb of Chicago, adjacent to a Walmart. Rental rates were 30% to 60% below market, and there was no advertising, no website, and no tenant insurance offerings. Additionally, the property included land available for expansion. Given the location and the number of levers to pull to add value, the transaction exceeded the seller’s expectations.”
Delaney, investment specialist in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, Route 59 Self Storage, Inc, and procured the buyer.
Located at 24111 Theodore St., Route 59 Self Storage features 317 non-climate-controlled units and 150 outdoor RV and parking spaces across 46,950 rentable square feet. Built in 1994, the fully fenced facility sits on 7.15 acres and offers expansion potential for two additional buildings. The property is conveniently located near major retailers, restaurants and residential communities, making it an ideal storage solution for the densely populated surrounding area.
# # #
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.
