JLL’s Capital Markets experts today announced the firm has completed the sale of Texas Self Storage located at 8909 Hinman Street in Houston, Texas. Westport Properties Inc. purchased the property.
Managing Directors Steve Mellon and Brian Somoza represented the seller, Airport Boulevard Partners L.P., in the transaction.
“This property is poised for improved performance and increased revenue,” said Somoza. “With excellent visibility along Airport Boulevard, the main thoroughfare connecting Interstate 45 to Hobby Airport, and nearly 15,000 apartment units within a three mile radius of the property, this facility provided investors with a significant value-add opportunity.”
Comprised of four single-story and two two-story buildings, the facility has a total net rentable area of approximately 44,600 square feet. The property consists of 30 climate controlled units, 453 non-climate controlled units and 35 covered parking units. Facility features include a secured gate with electronic access control, surveillance cameras and a retail-oriented customer service office. The property was originally constructed in 1975 and underwent renovations in 2008.
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 a sale, financing, reposition, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.