Hernandez Development and XSITE Real Estate closed on a 6-acre parcel of land in Deer Park, Illinois, for a future Class-A self-storage facility.
The acquisition price for the site was $2 million. Deer Park will be the fourth self-storage property in Hernandez Development’s portfolio within the Chicago MSA, joining two operational facilities in Oswego and Bolingbrook, as well as a self-storage project currently under construction in Carol Stream.
Key Highlights
- Location: 6-acre parcel adjacent to Deer Park Town Center and across from Kildeer Marketplace on Rand Road/U.S. 12, with over 44,900 vehicles passing daily.
- Purchase Price: The acquisition price for the site was $2,000,000.
- Development: The project will include a 123,000 sq ft climate-controlled self-storage facility, a 6,098 sq ft multi-tenant building with drive-thru, and a dedicated drive-thru-only Scooter’s Coffee.
- Under-Supplied Market: With only 6.80 sq ft of self-storage per person in the area—below the national average of 8.52 sq ft—this market is currently undersupplied.
- Attractive Demographics: The demographic data in a 3-mile radius around the project site shows a robust population of over 70,000 people, with more than 27,000 households and approximately 18,500 families. The 3-mile radius around the development site shows a significant number of renter-occupied housing units of approximately 10,000.
- General Contractor: The project will be led by Hernandez Construction as the general contractor.
- Third Party Manager: Extra Space will serve as the third-party operator for this Class A facility.
