Self-storage portfolio in the NYC and Boston MSAs sold
JLL closed the sale of the portfolio to Public Storage
HOUSTON, March 24, 2020 – JLL Capital Markets announced today that it has closed the sale of a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas.
JLL marketed the portfolio on behalf the sellers, which are affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.
The portfolio comprises three new, institutional-quality assets in highly desirable, densely populated core urban areas with extremely high barriers to entry. The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, which is in Westchester County, and the Boston-area property is at 490 Eastern Ave. in Malden.
The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Managing Directors Andrew Scandalios and Coleman Benedict.
“This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. “This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”
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.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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 93,000 as of December 31, 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 companies based in Northbrook, Illinois. Banner focuses on the acquisition, management and development of multifamily, self-storage and senior housing 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.
About Public Storage
Public Storage is the world’s largest owner, operator and developer of self-storage facilities. The company’s nearly 2,500 facilities across the United States serve more than one million customers. Public Storage is a member of the S&P 500 and FT Global 500. Its common and preferred stock trade on the New York Stock Exchange.