The value-add strategy included subdividing the property and repurposing the industrial building into a climate controlled self-storage facility with 894 units. In working with the community, the remainder of the building was sold off to a local charter school which helped the school and helped our venture to reduce cost basis and focus on the value-add proposition. Extra Space was engaged as the operator and has achieved strong leasing velocity since opening in July 2019.
Extra Space Storage
855 638 3059
- Asset Class: Self-Storage
- Development Type: Adaptive Re-use
- Building size of 225,000 sq feet.
- Architect: Sullivan Goulette Wilson
- Located in the heart of Chatham/Auburn Gresham retail corridor at I-94 (Dan Ryan Expressway) and the 87th Street Interchange
- The presence of Wal-Mart Superstore, The Home Depot, Lowe's Home Improvement Center, Jewel/Osco, Starbuck's and Burlington Coat Factory makes this corridor the "main and main" location for Chicago's South Side
- Transportation advantaged property with 605 feet of frontage along I-94 and proximity to CTA
- 242,000 vehicles passing by this portion of I-94 every day
- Over 260,000 people living within a three-mile radius of the site