EquiCap Commercial has arranged the sale of All American Self Storage, a 31,750-rentable-square-foot facility in Minooka, Ill., for $2.3 million in an off-market transaction. EquiCap’s Self Storage Advisory Group represented the seller and the buyer, a Chicagoland-based operator, in the transaction.
Located at 1000 South Ridge Road, the facility provides access to interstates 80 and 55. All American Self Storage is 14 miles from the city of Joilet, Ill., and an hour’s drive from Chicago. Built in 2004, the five-building facility occupies 4.3 acres and comprises 213 units. The asset provides drive-up access, security cameras and parking spaces.
“This deal represented an off-market transaction, where the seller had an unsolicited offer on the table from a large national operator. However, due to our relationships, we were able to secure a more acceptable price point from a local 1031 buyer. This ultimately netted the seller more proceeds at the closing,” said Jesse Luke, managing partner at Self Storage Advisory Group, in prepared remarks.
Another recent Chicago-area self-storage deal is the sale of Space Savers Storage Storage, in Romeoville, Ill., located twenty miles from Minooka.
(Source: Commercial Executive, December 15, 2017)