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JLL closes sale of Class A self-storage portfolio
DALLAS, Jan. 22, 2018 – JLL's Capital Markets experts today announced the sale of a six-property self-storage portfolio in Dallas-Fort Worth. Public Storage purchased the Class A portfolio from a joint venture owned by Advantage Storage and Harrison Street Real Estate Capital.
Managing Directors Steve Mellon and Brian Somoza led the JLL team on the transaction.
"Population density, positive job growth and strong residential development are keys to a successful self-storage property," said Mellon. "The fact that the Dallas-Fort Worth market has seen tremendous growth in all three of these areas made this offering extremely attractive to investors."
Constructed from 2001 to 2017, the properties total approximately 430,000 square feet and more than 3,300 units. All of the assets benefit from highly visible retail locations, easy access and strong demographics. The average annual household income within a three-mile radius of each property is approximately $105,000.
Features of the properties include: institutional-quality construction, climate controlled units, drive-up units, 24-hour video surveillance, secure fencing with electronic access control, wide drive aisles and retail-oriented customer service offices.
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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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 third quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of over 80,000. As of September 30, 2017, LaSalle Investment Management had $59.0 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 ir.jll.com.
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