Class A self storage facility in Portland trades
JLL Capital Markets closed the sale of the 1,089-unit Hosford Self Storage
JLL worked on behalf of the seller, an affiliate of Banner Real Estate Group. Pegasus Group purchased the asset. The property will be managed by Central Self-Storage®.
Constructed in 2018 by the seller, Hosford Self Storage and comprises one four-story building with an attractive, modern design. The 87,597-square-foot facility features all climate-controlled units, 24-hour video surveillance, locker units, drive-in loading, elevator access to upper floors and a retail-oriented customer service office.
Situated on 1.29 acres at 685 SE Division Pl., Hosford Self Storage is in Portland’s Hosford-Abernathy neighborhood, which has an urban-suburban feel with a mix of residential and commercial properties. The facility is visible to more than 59,000 vehicles per day from its location just east of Grand Avenue, a high-traffic roadway. The property is surrounded by 210,000 residents within a three-mile radius, and there are 47 multi-housing projects either proposed or currently under construction in the area, which is expected to grow an annual rate of 1.96 percent over the next five years.
The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon along with Senior Managing Director Ira Virden.
“There is strong demand for self storage in the property’s submarket, as demonstrated by the facility quickly achieving a physical occupancy of 80 percent in just over two years of operations,” Mellon said. “Hosford Self Storage is 100 percent climate controlled, which is a unique competitive advantage, as most other properties in this submarket do not offer this feature.”
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 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 $18.0 billion in 2019, operations in over 80 countries and a global workforce of over 92,000 as of September 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Banner Real Estate Group
Banner Real Estate Group and its affiliates are real estate companies based in Northbrook, Illinois, focusing on the acquisition, management, and/or development of multifamily properties and/or the development of self-storage facilities nationwide.
About Pegasus Group
Pegasus Group is a real estate investment and management company that was founded in 1988. Pegasus Group was started to provide low risk, real estate investments, and, for the past 20 years, have focused primarily on the self-storage industry. Through individual ownership and portfolio structures, Pegasus Group currently owns and operates over 50 properties throughout the United States under its national brand Central Self-Storage®.