PHILADELPHIA, October 1, 2020 – JLL Capital Markets announced today that it has arranged $3.1 million in financing for the acquisition and expansion of Storage Sense Fort Myers, a 448-unit self-storage facility in the coastal South Florida community of Fort Myers.
JLL worked on behalf of the borrower, an LLC managed by partners Chris Knauer and Chris Corr of The Storage Investment Group, to place the three-year, floating-rate loan with a local bank lender. Loan proceeds will be used to fund the acquisition, add 105 climate-controlled units and execute the remainder of the borrower’s business plan.
Storage Sense Fort Myers was constructed in 1997 and has undergone multiple upgrades throughout the years, including most recently in 2006. The existing 47,450-square-foot facility houses 379-drive-up units that are not temperature controlled and 69 climate-controlled units. The renovation will add 10,000 square feet and 105 additional climate-controlled units. Storage Sense Fort Myers is located at 15801 Hart Rd. in North Fort Myers just off on U.S. Highway 78, which averages in excess of 30,000 vehicles per day. The property is proximate to several mobile home parks and retirement communities and near numerous retail outlets.
The JLL Capital Markets Debt Placement team representing the borrower was led by Director Mike Pagniucci, Senior Managing Director Chris Drew and Associate Michael DiCosimo.
“We were very pleased to complete another transaction on behalf of The Storage Investment Group,” Pagniucci said. “Self-storage properties have remained in demand within the lending community during the current market environment, and this transaction shows the popularity of the asset class.”
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.