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News release

JLL secures $52M for refinancing of Space Mart Self-Storage Portfolio


PHILADELPHIA, Nov. 20, 2017 – JLL's Capital Markets experts today announced the company secured $52 million to refinance the Space Mart Self-Storage Portfolio on behalf of the owner group, and the sponsor, Space Mart Development Company. Goldman Sachs provided the loan for the portfolio, which consists of eight properties totaling 554,823 square feet and 4,711 units.

The portfolio includes four properties in the Greater Philadelphia market, two in Central Pennsylvania and two in Richmond, Virginia.

Managing Director Paul House, Senior Vice President Griffin Guthneck, and Associate Ben Mantor led the JLL team on the financing.

"The transaction team of JLL, Cohen & Grigsby, and Gary Greenberg did an exceptional job generating the most value for this portfolio, positioning us for future growth" said Jeff Grubb, President of Space Mart Development Company.

"The geographic diversification and exceptional demographics of the assets in this Class A self-storage portfolio drove significant demand for this type of product," said Guthneck. "Self-storage continues to provide investors with a solid, defensive play and is attractive to lenders for its stability."

Added House, "Space Mart Development Company is an experienced sponsor that made underwriting this deal simpler. This refinancing is a smart play for the health and continuing performance of the portfolio."

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 2016 alone, JLL Capital Markets completed $145 billion in investment sale and debt and equity transactions globally. The firm's Capital Markets team comprises more than 2,000 specialists, operating all over the globe.

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About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.