Marcus & Millichap completed 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 of 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.
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