JLL closes sale of Lakewood Self Storage near Denver
The newly constructed self-storage facility houses 872 climate-controlled units
HOUSTON, February 6, 2020 – JLL Capital Markets announced today that it has closed the sale of Lakewood Self Storage, an 872-unit, climate-controlled, newly constructed self-storage facility in the Denver-area community of Lakewood, Colorado.
JLL marketed the property on behalf the seller, Banner Lakewood Storage, LLC, an affiliate of Banner Real Estate Group. Advantage Self Storage and Harrison Street purchased the asset.
Lakewood Self Storage comprises one three-story building that houses 872 climate-controlled units along with 10,000 square feet of rentable retail space. Completed in June 2018, the facility features state-of-the-art construction, electronic access control, 24-hour video surveillance, elevator access to upper floors, drive-in loading area with climate control and high-speed overhead door and LED lighting. Situated on 1.78 acres at 9300 W. Colfax Avenue, Lakewood Self Storage is on W. Colfax Avenue, a heavily traveled commercial arterial with more than 32,000 vehicles a day. Additionally, over 119,000 residents are within a three-mile radius of the property, which is projected to increase 1.1% annually over the next five years.
The JLL Capital Markets team was led by Managing Director Stephen Mellon and Brian Somoza along with Senior Vice President Paul Schloff.
“The property has excellent visibility along W. Colfax and is in a retail-oriented location with a high and growing demand for this type of property,” Mellon said. “There are 12 multi-housing communities either
planned or under construction within three miles of the property, which will contribute an additional 1,300 units to the submarket.”
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 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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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of more than 93,000 as of September 30, 2019. 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 (“Banner”) are a group of real estate operating companies based in Northbrook, Illinois. Banner focuses on the acquisition, management and development of multifamily properties nationwide. Since its founding in 1989, Banner as acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion. For more information, visit BannerRealEstateGroup.com.