Press Releases
Marcus & Millichap Brokers Sale of 916-Unit Public Storage Asset in Chicago
July 06, 2026
CHICAGO, July 6, 2026 – 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 a brand-new, 916-unit Public Storage property in Chicago, Illinois.
“Above-average development complexity has constrained new self-storage supply, contributing to Chicago’s status as one of the industry’s strongest self-storage rental rate markets,” said Jeffrey Herrmann, senior director investments. “Those market fundamentals continue to attract investors seeking high-quality assets in supply-constrained locations.”
Herrmann and Sean Delaney, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, an Illinois-based LLC. Delaney procured the buyer, a Texas-based LLC.
Public Storage, located at 5251 N. Kedzie Ave., was completed in 2024 and consists of 916 climate-controlled self-storage units totaling 72,899 rentable square feet. The institutional-quality facility is situated in a densely populated area with a predominantly renter-occupied housing base and benefits from strong visibility along North Kedzie Avenue, which carries approximately 12,900 vehicles per day.
“Above-average development complexity has constrained new self-storage supply, contributing to Chicago’s status as one of the industry’s strongest self-storage rental rate markets,” said Jeffrey Herrmann, senior director investments. “Those market fundamentals continue to attract investors seeking high-quality assets in supply-constrained locations.”
Herrmann and Sean Delaney, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, marketed the property on behalf of the seller, an Illinois-based LLC. Delaney procured the buyer, a Texas-based LLC.
Public Storage, located at 5251 N. Kedzie Ave., was completed in 2024 and consists of 916 climate-controlled self-storage units totaling 72,899 rentable square feet. The institutional-quality facility is situated in a densely populated area with a predominantly renter-occupied housing base and benefits from strong visibility along North Kedzie Avenue, which carries approximately 12,900 vehicles per day.
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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, 2025, the company had 1,808 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 8,818 transactions in 2025, with a sales volume of approximately $50.9 billion. For additional information, please visit www.MarcusMillichap.com.
