Update 1/25/16 – Associated Bank is providing a $6.7 million construction loan to Metro Storage to build the 78,662-square-foot facility at 1340 Butterfield Road in Mundelein, Ill. The loan is being managed by Edward Notz, senior vice president and relationship manager for commercial real estate, Senior Vice President & Relationship Manager Senior Vice President & Relationship Manage according to a source.
Mundelein is a village in Lake County, Ill., about 40 miles northwest of Chicago.
7/30/15 – Metro Storage LLC, which operates the Metro Self Storage brand in 12 states, has acquired property in the Northwest Chicago suburb of Mundelein, Ill., on which it intends to develop a self-storage facility. The three-story project on Butterfield Road, north of Route 60, will comprise 80,000 rentable square feet in 805 units, according to a press release. It’s expected to open during the second quarter of 2016.
The site is on a north-south thoroughfare with high visibility, close to retail and residential areas. The facility will be one of the first constructed in the area since 2000, the release stated. Features include climate-controlled and drive-up units, two interior loading bays, and a large office area.
“This is an exceptionally designed building,” said Blair Nagel, CEO. “It will enable us to continue to provide our customers with the quality storage experience they expect from Metro.”
The facility will be the company’s 18th location in the Chicagoland area. In addition to Mundelein, it will serve the communities of Libertyville and Vernon Hills, Ill.
Headquartered in Lake Forest, Ill., Metro Storage is a privately owned, fully integrated real estate operating company specializing in the acquisition, development and management of self-storage facilities nationwide. It operates more than 100 self-storage properties in 12 states comprising more than 6.5 million square feet. The company also operates in Brazil under the MetroFit brand name.