CENTRAL IL 4 PROPERTY PORTFOLIO
The Central Illinois 4 Property Portfolio presents a new investor the opportunity for immediate scaled entry and dominant market presence in the Bloomington-Normal and Champaign-Urbana MSAs. The portfolio consists of 4 assets, totaling 118,274 NRSF among 827 total units including 13,500 SF of in-demand flex space, while boasting a strong portfolio-level physical occupancy of 90%. All 4 assets are located within a similar geographic area, allowing for beneficial economies of scale with respect to payroll and operations. Current ownership has invested considerably in technological and operational upgrades to seamlessly continue the hub-and-spoke management style.
This opportunity offers significant upside and multiple, readily achievable avenues to add value through continued revenue management, expansion and the benefits of remote management.
Savoy Storage consists of 29,542 NRSF among 195 drive-up units, 36 parking spaces and one single family rental. This facility sustains physical and economic occupancies of 93% and 80% respectively, demonstrating strong demand along with the opportunity to increase in-place rents. Savoy Storage is well located, directly adjacent to numerous residential subdivisions while benefiting from its proximity to the University of Illinois.
Current ownership has recently invested in signage and parking lot upgrades while implementing Bader Tenant Insurance to boost revenue. This location is well poised for expansion as it sits on 4 Acres while also benefitting from a TIF Zone designation, which will enhance future development within the trade area.
URBANA SECURE SELF STORAGE
Urbana Secure Storage is a fully climate controlled former big-box conversion consisting of 20,331 SF among 208 total units, two commercial spaces and a cell tower that pays their pro-rata share of property taxes. This asset consistently maintains outstanding physical and economic occupancies of 96% and 89%, which is indicative of the excellent location and strong demand within the immediate trade area. The City of Urbana has approved the addition of 3,900 SF of storage, while further value can be added by increasing in-place rents and leasing out the one vacant commercial space. Urbana Secure Storage is very well located on a prominent thoroughfare, while serving as one of the most convenient self-storage options for the University of Illinois.
QUALITY SELF STORAGE OF NORMAL
Quality Self Storage of Normal consists of 43,200 NRSF among 186 total units comprised of 149 drive-up units, 4 climate controlled, 24 outdoor parking spaces and 9 Flex Spaces which are occupied by long tenured renters and an on site apartment for management use. Quality Self Storage currently sustains strong physical and economic occupancies of 89% and 87%, demonstrating upside through leasing and rate management, while benefitting from its nearby proximity to top employers such as State Farm and the new Rivian Plant which employs over 7,400 workers. Further, Quality Self Storage offers expansion potential on the outdoor parking area.
Flex Space Overview: Current ownership owns a total of 9 flex condos in the adjacent two flex buildings, owning all of the units in the building (Units 101-108) directly adjacent to the storage facility and one unit in the westernmost building (Unit 202). The current ownership also serves as the president of the condo association.
MARKET STREET SELF STORAGE OF BLOOMINGTON
Market Street Self Storage consists of 25,021 NRSF among 201 Drive Up units and one Climate Controlled unit along with two retail tenants and two billboards. This asset offers a significant value add element, through leasing and rate management as physical occupancy is roughly 80% in addition to adding U-haul rentals and outdoor parking to boost revenue. Current ownership has focused on eliminating delinquency, implementing technology and improving brand equity of the asset within the trade area. This facility benefits from its captive market share given its immediate proximity to both Illinois Wesleyan and Illinois State Universities.
|Property Name:||Central IL 4 Property Portfolio|
|Address:||116 E Church St, Savoy, IL 61874
1808 Philo Rd STE 7, Urbana, IL 61802
110 Merle Ln, Normal, IL 61761
1001 W Market St, Bloomington, IL 61701
|Total NRSF:||118,274 NRSF|
|Total Units:||827 UNITS|
|Unit Sizes:||25-1500 SF|