Lake Forest, Illinois (PRWEB) July 18, 2016
Metro Storage LLC announced the purchase of land for the development of its 23rd store in the Chicagoland area. Located at 1951 W. Lake Street in the Chicago suburb of Addison, this will be the 6th new Illinois store for Metro in in the past two years and the 12th new store for its Fremont-Metro development joint venture with Fremont Realty Capital.
“This is another great opportunity to expand and leverage the Metro brand in the Chicago area,” said Matthew Nagel, Chairman of Metro Storage LLC. “It has a strong location in terms of visibility, accessibility and drive-by traffic, and it’s located in a strong market with outstanding density and key demographics.
The two-story, 100% climate-controlled building will have 745 storage units encompassing 77,525 RSF. Located on the heavily traveled Lake Street near Interstate 355, the new store will be in close proximity to numerous major retailers and commercial stores.
“This store will provide a market that is underserved of climate controlled self storage product,” said Blair Nagel, CEO of Metro Storage LLC. “Additionally it will offer a mix of unit sizes designed to meet the residential and business needs of the surrounding community.”
“Fremont has been an active investor in the self storage sector in the U.S. and Europe for the past 18 years,” said Matthew Reidy, Partner of Fremont Realty Capital in San Francisco. “The success of our venture is built on partnering with Metro, a best-in-class developer and operator targeting densely populated urban markets in the Midwest and Northeast.”
Features of the new store include: Large double bay interior loading areas with ground floor level access at two points of entry, 100% climate controlled, state of the art security, and a large, modern retail office.
The new store is scheduled to open in July of 2017.
About Metro Storage LLC
Metro Storage LLC is a privately owned, fully integrated, international self-storage operating company specializing in the development, construction, acquisition, and management of self-storage facilities in the USA and Brazil. Metro operates under the trademark Metro Self Storage in the US, being one of the top 10 largest owner/operators of self-storage facilities in the United States with over 100 stores covering 12 states. Metro operates in Brazil under the trade name MetroFit which is one of the fastest growing self-storage companies in Brazil. More information about the firm is available at http://www.metrostoragecorporate.com.
About Fremont Realty Capital
Fremont Realty Capital (“FRC”) is the real estate private equity business unit of the Fremont Group, the investment office of the Bechtel family of San Francisco. Since formation in 1997, FRC has provided its investors with superior risk-adjusted returns and value-creation through investments in non-traditional and traditional real estate sectors, both domestically and abroad. Its success is based on a disciplined investment strategy, enduring long term relationships with best-in-class operating partners, and the collective experience of the firm’s principals. FRC has made investments in 365 properties in 11 countries, totaling over $5 billion.