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JLL closes sale of three new Class A self-storage facilities
AUSTIN, Feb. 5, 2015 – On behalf of Endeavor Real Estate Group, JLL’s Capital Markets team today announced the sale of a three-property self-storage portfolio in Austin. All three properties were recently constructed, with two of the three having been opened for less than one year at the time of sale. Extra Space Storage, an owner and operator of more than 1,000 self-storage properties nationally, acquired the portfolio for an undisclosed price. The transaction adds an additional 1,919 units to Extra Space’s existing portfolio of more than 750,000 in 35 states.
Managing Directors Steve Mellon and Brian Somoza led the JLL team on the transaction.
“All three properties are located within the city limits of Austin, which has been experiencing tremendous population and job growth in recent years,” said Mellon. “This trend bodes well for the self-storage sector because it is expected to continue at more than double the national growth rate for the next several years, owing in part to the city’s ability to attract top-tier employers to the area – particularly tech companies.”
Somoza added, “These three properties are well-positioned to benefit from the continued influx and movement of people in the Austin area. The limited availability of appropriately zoned self storage development sites and the time and effort it takes to secure development permits also mean that these properties have relatively few competitors and the threat of new competition is limited.”
The 210,084 square-foot portfolio is spread across three sites: 360 Self Storage on S. Capital of Texas Highway, All Stor Self Storage on South First Street and All Stor Self Storage on Brodie Lane. All sit along major thoroughfares in the southern and western ends of the city.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether a sale, financing, repositioning, advisory or recapitalization execution. In 2013 alone, JLL Capital Markets completed $99 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About JLLJLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $53.6 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.
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