Washington, DC, September 27, 2017 --(PR.com
)-- After successfully executing a strategic turnaround at 4501 West 135th Street in Crestwood, Illinois, Vertical Fields Capital LLC announces it has completed construction to approximately double the size of the facility.
The property, which Vertical Fields Capital owns with Macritchie Storage LLC through an affiliate, operates under the CubeSmart brand. The original property consisted of four direct-access self storage buildings. The addition of a new, primarily climate-controlled building raised the property’s net rentable square footage to 81,135 NRSF.
“When we originally acquired the Crestwood facility in 2014, it was approximately 50% occupied,” said Vertical Fields Founder and Managing Member Frederick McCarthy. “Within less than 12 months, we had increased occupancy to over 90%.
“Given our strong track record at the property, a lack of climate-controlled self storage within the trade area and the support of the City of Crestwood, we are highly confident we can also make this expansion a great success.”
First Midwest Bank financed the expansion effort.
About Vertical Fields Capital LLC
Vertical Fields Capital LLC, a Washington, D.C.-based real estate development and investment firm, is focused on acquiring, repositioning and operating self-storage facilities in dense and growing in-fill locations in the top MSAs of the United States.