Rhode Island self-storage facility acquisition financed
JLL Capital Markets arranged the acquisition loan for Cornerstone Self Storage in Westerly, Rhode Island
PHILADELPHIA, July 8, 2021 – JLL Capital Markets announced today that it arranged financing for the acquisition of Cornerstone Self Storage, a 359-unit, 48,025-square-foot self-storage facility in the coastal community of Westerly, Rhode Island.
JLL worked on behalf of the borrower, The Storage Investment Group, to place the five-year, fixed-rate acquisition loan with The Washington Trust Company, headquartered in Westerly. Storage Asset Management will manage the facility.
Cornerstone Self Storage comprises five buildings that house a combination of climate-controlled and drive-up units ranging from 25 to 450 square feet. Completed between 1982 and 2015, the facility also has 28 RV parking spaces along with a 1000 kw solar system, 24/7 video surveillance, an on-site manager, perimeter-wide fencing and electronic gate access.
Situated on 1.79 acres at 234-236 Post Rd., the facility is in Westerly, a town on the southwestern shoreline of Washington County and a popular tourist destination during the summer months when the population nearly doubles. Cornerstone Self Storage is along the heavily travelled Post Road (U.S. Route 1) and has visibility from Dunns Corner Road.
The JLL Capital Markets team representing The Storage Investment Group was led by Directors Michael Pagniucci and Henry Schaffer.
The Storage Investment Group, led by Chris Corr, is a fast-growing self-storage owner/operator with $125 million in assets under management.
“We are excited to partner with the JLL Capital Markets team on another successful transaction,” Corr said. “The continued execution of our business plan has proven out tremendous results for our current partners, and we look forward to furthering our success with the Westerly asset. As we are now underway raising our third round of equity, we intend to further expand our portfolio which will continue to provide strong cash flow and capital appreciation for our investors.”
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 $16.6 billion in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Storage Investment Group
The Storage Investment Group, LLC is a privately held self-storage investment company based in Philadelphia, Penn. The company was founded in 2018 by industry veterans Christopher Corr and Christopher Knauer and currently owns and operates a portfolio of properties along the eastern seaboard of the U.S. For further information on our company and our current equity raise, please visit storageig.com.