U-Haul Moving & Storage
2601 S. LASALLE ST.
SELF STORAGE | ADAPTIVE RE-USE
U-HAUL COMPANY PURCHASES FORMER WAREHOUSE FOR REDEVELOPMENT
NelsonHill competed against four other local and national commercial real estate brokerage firms to win the assignment to represent Economy Folding Box in the sale of 2601 S. LaSalle Street in Chicago.
Principals Mark and Michael Nelson were selected based on their recent sales track record in the immediate area (see below) and their success in helping owners create maximum value in the adaptive re-use of multi-story industrial properties in Chicago.
NEARBY NELSONHILL SALES TRACK RECORD
South Loop New Development Map>>
SELF-STORAGE MARKETING CAMPAIGN
The NelsonHill team launched an aggressive marketing campaign targeting self-storage, residential, flex office and educational users in the City as well as developers and investors within their proprietary database. The self-storage groups nixed the opportunity based on a weaker demographic and lack of residential density in the immediate area.
However, NelsonHill continued to promote the strong attributes of the property to their commercial real estate network, namely: excellent visibility from both the I-55 and I-90/94, solid concrete construction lending itself well to multiple creative uses. After 120 days of market time, the brokerage team was able to solicit U-Haul directly as a proposed self-storage and moving truck location for the company. U-Haul executives flew into Chicago and, after a rigorous negotiation, NelsonHill was able to secure terms at a price point of $3,200,000. The sale closed 60 days later. U-Haul, an international company that has provided trucks and storage space to self-movers for 69 years, was attracted to the 165,674 Sq. Ft. South LaSalle property because of its excellent visibility from the interstates.
CONCRETE FACILITY IDEAL FOR U-HAUL
The property features a 25,920 Sq. Ft. mezzanine level, 6,794 Sq. Ft. office space with 8′ – 16′ clear ceiling heights, four (4) exterior docks, four (4) drive-in doors and three (3) freight elevators. In addition to the proximity to the interstates, this ideal South Loop location is near McCormick Place, IIT, Chinatown and Bridgeport. This is the second in a series of acquisitions by U-Haul International as it expands in the Chicago area. In November 2013, the firm acquired a 102-year-old Pilsen warehouse on Cermak Road.