Search
 

Big Players Buying Up Locally-Owned Self-Storage

CHICAGO—The industry is dominated by small business owners, most of whom can't bring properties up to their true potential.

chi-CanalStreetSelfStorage (3) A large, national owner can boost the revenue of a property like 1601 S. Canal through better technology and marketing.

CHICAGO—The self-storage sector is flying high, but it’s largely dominated by small business owners who can’t use economies of scale to grow their revenue, and that means a lot of opportunities for the bigger players. Locally-owned properties in Chicago, for example, are now attracting national attention.

Marcus & Millichap, for example, recently helped transfer ownership of Canal Street Self Storage, a 66,063-square-foot, 792-unit self-storage facility at 1601 S. Canal St., from a local operator to a national firm. The price paid and name of the new owner were undisclosed, but Cook County property records show that Devon Self-Storage Holdings of Emeryville, CA, paid almost $12.2 million.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Brian J. Rogal

Brian J. Rogal

Brian J. Rogal is a Chicago-based freelance writer with years of experience as an investigative reporter and editor, most notably at The Chicago Reporter, where he concentrated on housing issues. He also has written extensively on alternative energy and the payments card industry for national trade publications.

More from this author

Recommended Stories

GlobeSt Net Lease Spring 2024Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.