Westport Properties Enters the Chicago Self Storage Market

1516 N. Orleans St. facility Westport Properties has acquired two self storage facilities in Chicago…

1516 N. Orleans St. facility

Westport Properties has acquired two self storage facilities in Chicago and Willmette, Ill. According to Yardi Matrix data, Han Capital Group is the previous owner of the two properties. The facilities will be rebranded under US Storage Centers. MJ Partners Self Storage Group represented the seller in the transaction.

Completed in 1998, the facility at 1516 N. Orleans St., just 3.5 miles from downtown Chicago, encompasses 885 units across 73,761 square feet. Property amenities include wine storage, climate-controlled units, electronic gated access and 24-hour video surveillance. There are 31 self storage facilities within a 3-mile radius, offering residents 6.4 rentable square feet per capita.

3510 Wilmette Ave. facility

The 46,894-square-foot facility, located at 3510 Wilmette Ave., close to Edens Expressway, was completed in 1982 and comprises 378 regular and climate-controlled units, ranging from 25 to 400 square feet. Property amenities include RV and boat parking, electronic gate access and 24-hour video surveillance. The storage facility is one of the seven available within a 3-mile radius, offering residents 3.7 rentable square feet per capita.

The acquisition marks Westport Properties’ entrance in the Chicago market. As of January, the company has 12 million square feet of self storage space under management and the total value of its US Storage Centers portfolio is nearing $2.5 billion. At the beginning of the year, Westport Properties completed the development of a 157,116 square foot facility in Los Angeles.

See also  SmartStop Buys 2 Philadelphia Storage Facilities for $41M