Update 7/27/18 – Metro Storage opened its new facility in Addison in March as well as another location in the Chicago suburb of Naperville. Both sites were developed in partnership with Fremont Realty Capital. Metro now operates 23 facilities in the Chicagoland area, according to a press release.
“We opened our first store in the Chicago area back in 1973, so it’s exciting to continue that 45-year tradition with these new developments,” said CEO Blair Nagel.
The Naperville store opened earlier this month at 1752 N. Aurora Road. It comprises 74,988 rentable square feet of storage space in 575 units, some of which are climate-controlled. Additional features include a large interior loading bay, security and a modern retail office.
“We’ve had great success in the Chicagoland market,” said Marty Gallagher, president of Metro Storage LLC. “Both of these stores are located in areas with strong demographics, excellent visibility, and features that will serve the storage needs of the surrounding communities.”
7/19/2016 – Metro Storage LLC, which operates 120 self-storage properties in 12 states, has purchased a parcel of land in Addison, Ill., on which it plans to build a new Metro Self Storage facility. Slated to open in July 2017, the property will be the company’s 23rd in the Chicago area and 12th in its joint venture with Fremont Realty Capital, the real estate merchant-banking arm of Fremont Group.
The two-story building at 1951 W. Lake St. will comprise 77,525 rentable square feet of storage space in 745 climate-controlled units. Property features will include double-bay, covered loading/unloading areas, ground-level access at two entry points, state-of-the-art security components, and a large, modern retail office, according to a Metro press release. The land is near Interstate 355 and several retail stores.
“This is another great opportunity to expand and leverage the Metro brand in the Chicago area,” said Matthew Nagel, chairman of Metro Storage. “It has a strong location in terms of visibility, accessibility and drive-by traffic, and it’s in a strong market with outstanding density and key demographics.”
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 8.1 million square feet of storage space.
Fremont Realty has been an active investor in the European and U.S. self-storage sector since 1997. 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.