Fresno self-storage facility trades for $8.2 million
JLL Capital Markets led the sales efforts for the 1,085-unit Cherry Ave Self Storage in Fresno, California
SAN FRANCISCO, May 15, 2024 – JLL Capital Markets announced today that it has completed the $8.2 million sale of Cherry Ave Self Storage, a 1,085-unit self-storage facility in Fresno, California.
JLL represented the public REIT seller and procured the buyer, PSC Fresno, LLC, an affiliate of Pratt Street Capital, LLC.
Cherry Ave Self Storage is located on 5.74 acres at 1844 S Cherry Ave., less than one mile south of downtown Fresno. The property has excellent visibility from State Route 41 with more than 91,000 vehicles traveling the roadway per day. In addition, the facility is located within an underserved market for self-storage with only three feet of storage space per person within a three-mile radius.
Originally built in 1918 and expanded in 2022, Cherry Ave Self Storage consists of a three-story building and 12 one-story buildings. The facility features drive-up units, freight elevators and boat and RV parking. There is also a newly renovated office totaling 262 square feet.
The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brian Somoza.
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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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Pratt Street Capital, LLC
Since 2004, Pratt Street Capital has been investing in a variety of commercial real estate opportunities – including office, industrial, retail, multi-family, and self-storage – in dozens of markets across the country. To learn more, please visit prattstreetcapital.com.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 108,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.