Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of U-Stor-It, a 95,589 net rentable square foot facility located in the heart of Downtown Chicago on South Wabash Avenue.
Charles “Chico” LeClaire, Executive Managing Director Investments and Adam Schlosser, First Vice President Investments, both self storage specialists in Marcus & Millichap’s Denver office had the exclusive listing to represent the seller, U-Stor-It. The LeClaire Group also procured the buyer, Devon Self Storage, a national private operator. Steven Weinstock in Marcus and Millichap’s Oak Brook Office assisted in closing the transaction.
“The property was in its first year of lease up and the seller, a California based developer, had the opportunity to achieve an excellent price in a favorable market”, LeClaire said, “The buyer will benefit greatly from leasing up the remaining square footage with nearly 8,000 apartment and condominium units under construction or permitted in the immediate area. This is truly a one-of-a-kind asset and at 21 stories, it is, to our knowledge, the tallest storage facility in the world.”
U-Stor-It was converted from a parking garage in 2016 and underwent major renovations including exterior brickwork, fire suppression and heating systems and new flooring throughout. Two new high speed elevators were installed that are capable of climbing one floor per second with security features limiting tenant access to only their respective floor.
The facility features top-notch amenities including the only pull through loading area and indoor off street parking for new customers in the trade area. There is a large leasing office with retail and security monitor displays. Furthermore, the facility also offers a loading area with 14 foot clearance at the side of the property for larger vehicles. The property features excellent signage visible in both directions on Wabash Avenue as well as 21 stories high on the north side of the building.