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News release

HOUSTON, TX

JLL Negotiates Sale of University Self Storage in Pembroke Pines, Florida


HOUSTON, July 22, 2015 – On behalf of Miami-based Ireland Companies, JLL’s National Self Storage Team today announced that the firm has negotiated the sale of University Self Storage, a 74,783-square-foot facility located 8321 Pines Boulevard in Pembroke Pines, Florida.  Storage Pros Self Storage, based in Farmington Hills, Michigan, purchased the property for an undisclosed price. 

The facility is comprised of one (1) two-story building, with 712 climate controlled units, 308 non-climate controlled units and 18 uncovered surface units.  Storage Pros will rebrand the facility to its tradename, and has launched a capital improvement program to upgrade the facility.  

Managing Director’s Steve Mellon and Brian Somoza led the JLL team on the transaction.

The facility is located at the northwest corner of a large commercial parcel which includes big box and in-line retail tenants. These businesses generate significant traffic to the area resulting in significant exposure for the property.  The property is located in the C-1 zoning district, which is the only zoning district in Pembroke Pines which allows self storage development.  Barriers to entry for new competition are extremely high as the property is situated in a dense urban area, with virtually no sites available for new self storage development.

About JLL
JLL (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. A Fortune 500 company 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 $55.3 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.