EquiCap Commercial has arranged the sale of Merrillville Storage, a 32,000-square-foot self-storage facility in Merrillville, Ind. Han Capital Group traded the property to an out-of-state, multi-store operator, Yardi Matrix data shows. Financing for the acquisition was secured through Bank & Trust.
Located at 3950 W. 73rd Ave., the facility occupies 17.8 acres near freeways 30, 41 and 53 and Interstate 94. Merrillville Storage is situated approximately 39 miles from downtown Chicago. Built in 2009, the six-building storage facility comprises 183 units, ranging from 50 to 300 square feet. Features of the asset include a gate, drive-up access, parking, RV parking and security cameras, according to Yardi Matrix.
“This marks the second time EquiCap has sold this facility. The current sellers purchased the asset in 2016 as a distressed sale. Over the past two years, they worked on improving the financials and were willing to take an ‘off-market’ offer from our buyers.” said Jesse Luke, managing partner at EquiCap Commercial’s Self Storage Advisory Group, in prepared remarks.
In May, EquiCap Commercial also arranged the sale of a 28,100-net-rentable-square-foot facility in Crown Point, Ind.