Self-storage developer JSM Venture Inc. has purchased a vacant Kmart in Zion, Ill., for $2.3 million that it intends to convert to self-storage. Plans for the 90,426-square-foot structure at 3355 Sheridan Road include 69,750 rentable square feet of indoor storage in 619 units, the majority of which will be climate-controlled, according to the source.
JSM was represented in the transaction by Brendan Green, senior vice president, and Patrick Turner, vice president, of the Chicago office of real estate firm Colliers International Group Inc. The seller, Amin & Shah Solutions LLC, was represented by Paine-Wetzel Associates Inc.
“Given the rise of e-commerce and its impact on retail shopping habits, there is now a surplus of empty big-box retail stores. Many of our clients—like JSM Venture—are looking at alternative uses to fill these vacancies,” Turner said.
Led by Charlie Mengel, JSM is a Northfield, Ill.-based developer specializing in self-storage conversions and redevelopment of existing industrial properties. Founded in 2004, the company has acquired and developed more than 1 million square feet of self-storage.
Colliers is a global commercial real estate services firm employing more than 12,000 professionals in 69 countries. The company offers a variety of services for investors, business owners and developers. These include consulting, market research, real estate intermediation for sale and rent, project management, property management, and valuation.
Source:
RE Journals, Former Kmart Location in Zion Sells, to Be Converted to Self-Storage
