8-property self-storage portfolio sells
JLL Capital Markets closed the sale of the 4,317-unit portfolio in Chicago, Raleigh and Dallas markets
HOUSTON, April 25, 2022 – JLL Capital Markets announced today it has closed the sale of an eight-property, Class A self-storage portfolio totaling 4,317 units across markets in Chicago, Illinois; Raleigh and Fayetteville, North Carolina; and Dallas, Texas.
JLL marketed the property on behalf of the seller, Harrison Street. Life Storage acquired the portfolio.
Nearly 93 percent leased at the end of 2021, the portfolio features institutional-quality, best-in-class facilities with Class A design and amenities, including 24-hour security, visibility, a mix of climate- and ground-level non-climate-controlled units, elevator access and ample parking. The properties include:
· 6331 N Broadway St., Chicago, IL
· 2845 McDermott Rd., Plano, TX
· 11901 FM 423, Little Elm, TX
· 3341 West Campbell Rd., Garland, TX
· 2711 Justin Rd., Flower Mound, TX
· 1651 TW Alexander Dr., Durham, NC
· 9300 Fayetteville Rd., Raleigh, NC
· 809 Chapel Hill Rd., Spring Lake, NC
The portfolio properties are strategically located within each market in densely populated areas with both high barriers to entry and high numbers of renter-occupied housing units.
The JLL Capital Markets team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza, Directors Adam Roossien and Matthew Wheeler and Analyst Robert Westerfield, along with Directors Steven Rutman and Dan Reynolds and Senior Managing Director Ryan Clutter.
“The portfolio offered the opportunity to acquire immediate scale within the self-storage sector with a meaningful presence in several of the top-performing real estate markets in the country,” Mellon said.
“Each asset was developed with a long-term hold in mind,” Somoza added. “Quality, convenience, security, visibility and functionality set each property apart from the competition within its trade area, ensuring the assets remain best-in-class for the long term.”
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 investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 98,000 as of December 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Harrison Street
Harrison Street is a leading investment management firm exclusively focused on alternative real assets. Headquartered in Chicago with offices in London, San Francisco and Toronto, the firm has more than 210 employees and over $44 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe. Asia-Pacific, Middle East and Latin America.
About Life Storage
Life Storage, Inc. is a self-administered and self-managed equity REIT that is in the business of acquiring and managing self-storage facilities. Located in Buffalo, New York, the company operates just under 1,100 storage facilities in 35 states. The company serves both residential and commercial storage customers with storage units rented by month. Life Storage consistently provides responsive service to approximately 600,000 customers, making it a leader in the industry. For more information visit http://invest.lifestorage.com.