Oak Forest, IL Self Storage Opportunity

Oak Forest, IL Self Storage Opportunity2020-12-04T13:18:25-05:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale the Oak Forest Self Storage Opportunity in the Chicago MSA.

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NRSF – 84,667

4325 Frontage Road, Oak Forest, IL 60452
The Chicago Metro Area

The subject property represents a class A storage facility comprised of 84,667 rentable square feet on approximately 7.12 acres of land. The facility offers 330 upper climate-controlled units, 429 lower climate-controlled units, 8 office spaces and 67 parking spaces for a total of 834 units. The site offers a wide variety of premium options to accommodate this desirable region of the Chicago Metropolitan Area. The subject has excellent physical and economic occupancies of 97 percent and 83 percent, respectively. The high physical occupancy is indicative of the area’s high demand for storage. Moreover, the facility offers 2.5 acres of potential parking expansion for further upside.

The subject property is ideally situated in Oak Forest, Illinois, which is approximately 25 minutes from downtown Chicago. The property is located off Frontage Road and offers premium visibility from Interstate 57, which has a robust traffic count exceeding 132,000 vehicles per day. The facility benefits from a strong annual average household income exceeding $80,000 within three miles. Additionally, there are over 80,000 residents within three miles of the subject. The subject property represents one of the newest facilities in Oak Forest and is the newest storage option within a one-mile radius. The opportunity is situated in a high-barrier-to-entry district of the Chicago MSA.

The opportunity allows an investor the ability to acquire a class A storage asset with multiple upsides. The purchaser can capitalize by raising rental rates to meet the comparable average, as the subject’s climate-controlled rates are well below market. An investor will benefit from a class 8 tax abatement with 8 years remaining and a high probability for renewal. Additionally, an investor can continue to grow the subject’s economic occupancy in this underserved division of Oak Forest. The expansion opportunity in the rear of the parcel allows for further financial growth. The subject property will continue to benefit from an excellent demographic profile within the trade area, premium visibility from Interstate 57, limited competition and state-of-the-art amenities.

Investment Highlights:

  • Excellent Opportunity to Acquire a Stabilized Storage Asset with a Significant Market Footprint in a Thriving Division of the Chicago MSA
  • Fully Occupied Asset with New Construction and Below Average Economic Occupancy Allows for Continued Growth in an Underserved Trade Area
  • Eight Years Remaining of Class 8 Tax Abatement with High Probability of Renewal
  • Capitalize on 2.5 Acres of Expansion Potential in the Rear of the Parcel
  • Strong Average Household Income Exceeding $80,000 Annually
  • Capitalize by Raising Rental Rates to Meet the Comparable Average
  • High-Barrier-to-Entry Market will Ensure Success for Years to Come
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as Oak Forest Self Storage.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.