Recapitalization completed for newly constructed self-storage facilities in SoCal
JLL Capital Markets represented Baranof Holdings in the transaction
LOS ANGELES, Nov. 17, 2022 – JLL Capital Markets announced today that it has arranged the recapitalization of two newly constructed self-storage facilities totaling 1,975 units in the San Diego and Los Angeles metropolitan areas of California.
JLL recapitalized the properties on behalf of the seller, Baranof Holdings. Clarion Partners is Baranof’s new partner, buying out the ownership stake previously held by another partner of Baranof, Invesco Real Estate, a global real estate investment manager.
Lemon Grove Self Storage is located at 8016 Broadway in the Lemon Grove area of San Diego, immediately east of downtown. The 838-unit, Class A property was completed in 2022 and received its certificate of occupancy in October.
Venice Blvd. Self Storage is positioned at 1810 Venice Blvd. in the Koreatown neighborhood of Los Angeles. Completed in 2022, the 1,137-unit facility also achieved its certificate of occupancy in October.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Brian Somoza.
“Despite some economic headwinds impacting other asset classes we continue to see strong demand from the investor community for self-storage assets as the asset class continues to maintain steady occupancy and rising demand,” Somoza said.
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 JLL
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 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Baranof Holdings
Baranof Holdings is a national owner and developer of a diversified portfolio of institutional quality self-storage properties. Since founding in 2015, Baranof Holdings has completed over 20 developments with a value exceeding $500mm and acquired over 45 assets with a valuation in excess of $1 billion. Baranof Holdings is focused on driving long term and consistent growth to our valued partners and investors.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $89.9 billion in real estate assets under management, 577 employees and 21 regional offices across the U.S., Europe and Asia (as of June 30, 2022). Invesco Real Estate was established in 1983 and today invests across the risk return spectrum, from core to opportunistic; in equity and debt; listed and direct; locally and globally. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; http://www.invesco.com.
About Clarion Partners
Clarion Partners, an SEC registered investment adviser with FCA-authorized and FINRA member affiliates, has been a leading U.S. real estate investment manager for 40 years. Headquartered in New York, the firm maintains strategically located offices across the United States and Europe. With $83.5 billion in total assets under management, Clarion Partners offers a broad range of real estate strategies across the risk/return spectrum to its more than 500 domestic and international institutional investors. More information about the firm is available at www.clarionpartners.com.