LifeStorage, a Chicago-area self-storage operator, has acquired a 114,000-square-foot retail property in the city’s Lincoln Park neighborhood that will be developed into the company’s 19th storage facility. Life Storage Centers LLC purchased the site from Miami, Fla.-based LNR Property LLC. No financial terms were disclosed.
The building was previously occupied by a Circuit City electronics store. When the retailer closed the business in 2008, 31 percent of the property was left unoccupied. Currently, a local gym is the only business present in the building, leasing 10,000 square feet, company officials said.
Tentative plans for the property include LifeStorage self-storage solutions, potential office rentals and retail leasing. Storage facility features and services will include climate control, security and record-management solutions. The project will require interior and exterior improvements. No target date for opening has been set, said Christopher Barry, co-owner of LifeStorage.
“These things take time, but this is a wonderful location,” Barry said. “We've been looking in this area for a while now, and the close proximity to some prominent retailers will offer us some really great exposure."
LifeStorage was founded in 2002 by Barry and co-owner Jean Jodoin.