JLL closes the sale of Miami self-storage facility
Amsdell Companies/Compass Self Storage purchased the all climate-controlled facility
HOUSTON, May 7, 2020 – JLL Capital Markets announced today that it has closed the sale of 21st Century Self Storage, a 636-unit, climate-controlled self-storage facility along with a 26-space parking lot in Miami, Florida.
JLL marketed the property on behalf of the seller, 21st Century Self Storage. Amsdell Companies/Compass Self Storage purchased the facility and assumed the existing debt.
Originally constructed in the 1950s, the one-story building was converted into a self-storage facility in 2003 and has withstood decades of unpredictable Miami weather. The 37,242-square-foot building houses a retail-focused office, 24-hour video surveillance and secure fencing. The accompanying parking lot is located 50 yards south of 21st Century Self Storage. Situated at 200 NW 79th St., the facility is visible to more than 36,000 vehicles a day at its location at NW 79th Street and NW 2nd Avenue. The property is 0.3 miles east of Interstate 95 and in a dense urban area with more than 197,000 residents living within three miles of the facility.
The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Executive Managing Director Manny de Zárraga.
“There are more than 11,000 new multi-housing units either proposed or under construction within a three-mile radius of 21st Century Self Storage,” Mellon said. “There is an increasing demand for this product in the area, which is dense and growing.”
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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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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.