Devon Self Storage Lands Refi for Chicago Facility

JLL Capital Markets secured the loan for the 675-unit property.

1601 S. Canal St. storage facility

Devon Self Storage has received a $4 million refinancing loan for a 675-unit self storage facility in Chicago.

Yardi Matrix data shows that in 2017, the 94,127-square-foot Class A property was subject to a $7.1 million loan originated by TCF National Bank. The company acquired the asset that same year from a private owner for $12.2 million.

Devon Self Storage was founded in 1989 and has facilities across 24 states, including California, Georgia, Florida, Texas, Illinois and Arizona, among others.

JLL Capital Markets worked on behalf of the borrower to secure a fixed-rate, seven-year loan with a flexible prepayment structure. The JLL team included Senior Director Chris Collins and Analyst Aiden Hayes.

The storage facility is a six-story building completed in 1989. All 675 units are climate-controlled, ranging from 20 to 400 square feet. On-site amenities include 24-hour video surveillance, electronic gate access, dollies and carts, wine storage and on-site management.

The property is located at 1601 S. Canal St., just 2 miles from downtown Chicago and is situated close to Interstate 90. The property is one of the 31 facilities available within a 3-mile radius, offering residents 7.8 rentable square feet per capita. Yardi Matrix data shows that nine self storage properties totaling 813,321 square feet traded in urban Chicago year-to-date, five of which are Class A assets.

This month, another self storage property traded in Chicago, in the South Elgin suburb. Trojan Storage acquired AAA Storage, a 72,850-square-foot facility that Shanahan Enterprises LLC sold for $11.7 million.

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