Extra Space Storage 2 Property Portfolio
Chicago, Illinois
Executive Summary
The Chicago Portfolio, with a combined 1,495 units across 114,081 net rentable square feet of interior climate-controlled storage space, presents a compelling investment opportunity due to the city’s unique market dynamics. Chicago’s dense urban population, diverse demographics, and high concentration of renters create consistent demand for self-storage, particularly for climate-controlled units suited to the city’s variable weather conditions. The properties’ on-site amenities—extended access hours, moving carts, covered and heated loading bays, package acceptance, and an on-site office—enhance tenant convenience and satisfaction, fostering high occupancy rates and customer retention. Chicago’s robust real estate market, coupled with limited available land for new development, supports strong rental rate growth and property value appreciation. Additionally, the facilities’ strategic locations within the city provide easy access for residents and businesses, capitalizing on Chicago’s role as a major transportation and logistics hub. These factors, combined with the portfolio’s modern infrastructure, position it as a low-maintenance, high-yield asset in a competitive market.
The Chicago-Naperville-Elgin, IL-IN-WI metropolitan area, or Chicagoland, is a cornerstone of the U.S. economy, ranking third among metro areas and driven by powerhouse industries such as transportation, logistics, finance, and manufacturing. Anchored by world-class infrastructure, including O’Hare International Airport, extensive rail networks, and the Chicago Mercantile Exchange, Chicagoland supports a diverse talent pool and hosts major corporate headquarters like McDonald’s, Walgreens, and Boeing. The region’s economic resilience is underscored by its consistent ranking as the top U.S. metro for corporate relocations for ten consecutive years, fueled by initiatives like the Greater Chicagoland Economic Partnership, which promotes regional collaboration and investment. Significant developments, such as the 1901 Project—a transformative mixed-use development near the United Center featuring residential units, parks, hotels, and entertainment venues—and the 78, a 62-acre innovation district, are reshaping Chicago’s landscape, attracting tech firms, research institutions, and new residents. These projects, alongside ongoing investments in public transit and sustainability, enhance Chicagoland’s economic vitality, ensuring sustained demand for commercial and residential services, including self-storage, as the region continues to grow and innovate.
Broker of Record
John Saletta/CBRE, INC.
IL Lic. 475.207064
Investment Highlights
Team
Brokerage Team
CBRE Self Storage Advisory Group provides personalized and tailored services, backed by the nation’s foremost experience and technology, driving successful real estate outcomes for individual and institution investors alike. As the industry leader in self-storage advisory, we bring unmatched buyer exposure and market knowledge to each transaction, delivering maximum value to clients.
With more than $6.5 billion in consideration and over 45 million square feet sold since 2009, this self storage team led by Nick Walker offers customized investment sales, acquisition and recapitalization services, together with industry-leading market intelligence, to provide unmatched exposure to buyers across the country. By leveraging the strength of CBRE’s Self Storage Advisory Group, in conjunction with market research, a seamless execution process and long-standing relationships, the team can anticipate trends and command capital globally, validating CBRE’s Self Storage Advisory Group as the safest and best choice for results in the global investment property capital market.
