Washington, D.C. self-storage property sells
JLL Capital Markets led the sales efforts for the 1,752-unit self-storage facility
WASHINGTON, D.C., August 18, 2022 – JLL Capital Markets announced today that it has closed the sale of a 1,752-unit self-storage facility at 72 Florida Ave. NE in Washington, D.C.
JLL represented the seller, Foulger-Pratt and procured the buyer, Invesco Real Estate, a global real estate investment manager, in partnership with Baranof Holdings.
Completed in March 2020, the property operates as an Extra Space Self Storage and consists of a seven-level, climate-controlled building housing the storage units, a 1,000-square-foot office and 400 square feet of restrooms and bike storage. The facility offers modern amenities, including electronic access control, 24-hour video surveillance, covered loading areas and two elevators to access the upper floors.
Located just under two miles from downtown Washington, D.C., the self-storage facility benefits from a prime location with exposure to more than 124,000 vehicles daily. The immediate area, which is currently underserved for storage needs, is home to more than 405,000 residents and is projected to grow based on the significant number of residential developments proposed or under construction.
The JLL Capital Markets self-storage team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza and Directors Craig Childs, Bill Prutting and Jay Wellschlager.
“The 72 Florida facility was well-received by the investment community given the limited competition of self-storage facilities and supply constraints in the current D.C. market,” Mellon 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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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 June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Established in 1963, Foulger-Pratt is a real estate investment and development firm distinguished by its long-term focus and extensive experience executing successful mixed-use, transit-oriented projects. The firm’s disciplined culture and vertically integrated platform have enabled it to develop more than 15 million square feet of commercial office, multi-family residential and retail projects.
About Baranof Holdings
Baranof Holdings is a national developer, acquirer, and asset manager of self-storage facilities across the United States. Since 2015, Baranof Holdings has developed 19 self-storage assets across major metros including New York, Raleigh, Miami, Austin, Orange County, Los Angeles, San Francisco East Bay, Portland, Seattle, and Honolulu, and acquired 40+ existing self-storage assets. To learn more about Baranof’s portfolio and the team, see www.baranofholdings.com.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $92.0 billion in real estate assets under management, 592 employees and 21 regional offices across the U.S., Europe and Asia (as of March 31, 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.