Update 8/16/16 – Metro Storage is moving forward with its planned Naperville project in partnership with Fremont Realty Capital, the real estate merchant-banking arm of Fremont Group. The facility will comprise 92,000 gross square feet and is now scheduled to open next summer. Its 597 units will be a mixture of climate-controlled and traditional space, according to a press release.
The facility will be Metro’s 24th in the Chicago area. “We’re excited to develop another new store with our partners at Fremont Realty Capital,” said Matthew Nagel, chairman of Metro Storage. “This is another great addition to our Chicago area portfolio.”
The development will be the 13th between the two companies. Metro announced last month its 12th joint-venture project with Fremont Realty, which is in Addison, Ill. “Fremont is very pleased with this latest addition to the Fremont-Metro partnership,” said Matthew Reidy, a partner with Fremont Realty.
Fremont Realty has been an active investor in the European and U.S. self-storage sector since 1998. It originates, structures, closes and manages private-equity investments in public and individual real estate projects, programmatic real estate investment vehicles, and private real estate operating companies.
5/9/16 – Metro Storage LLC, which operates more than 100 self-storage properties in 12 states, received approval recommendation last week from the Naperville, Ill., Planning and Zoning Commission for a 75,000-square-foot facility it intends to build at 1756 N. Aurora Road. The asset would be built on 8.5 acres and include four, two-story buildings and a retail office. If approved, the project could break ground this summer and be complete by spring 2017, according to the source.
Metro Storage has asked for parking and setback variances. The commission approved recommendation to reduce the required number of parking spaces from 37 to 12 and agreed with the developer’s request to erect the buildings 32.9 feet from the front property line rather than 100 feet, the source reported.
The $10 million project would include double-bay unloading areas and security features. "I actually think this project is going to be a major improvement to the area," commission chair Kamala Martinez said during the meeting.
Current self-storage facilities in the area are approaching full occupancy, Bob Heilman, vice president of development for Metro Storage, told the commission.
Final approval for the project and requested variances must come from the Naperville City Council.
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. Its facilities comprise more than 6.7 million square feet of storage space.
- Chicago Tribune: Metro Storage Proposes New Facility for North Aurora Road