JLL’s Capital Markets experts today announced the firm has completed the sale of the Hawaii Self Storage Portfolio located at 425 Kalanianaole Avenue in Hilo, Hawaii and 1480 Haleukana Street in the city of Lihue, HI. Extra Space Self Storage purchased the 84,507-square-foot portfolio.
Managing Directors Steve Mellon and Brian Somoza, who lead JLL Capital Markets, Self Storage, represented the seller, Five Star Enterprises, LLC, in the transaction.
“The portfolio provided a rare opportunity to acquire two self storage properties in Hawaii unencumbered by debt or land leases,” said Somoza. “There is also significant upside through the expansion of the Lihue facility and other minor renovations.”
Combined, the properties have more than 800 units. Features and amenities of the properties include: drive-up units, surface parking spaces, secure fencing with electronic access control, 24-hour video surveillance, individually alarmed units and retail-oriented customer service offices.
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, repositioning, 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.
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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. JLL is a Fortune 500 company with, as of December 31, 2015, revenue of $6.0 billion and fee revenue of $5.2 billion, more than 280 corporate offices, operations in over 80 countries and a global workforce of more than 60,000. On behalf of its clients, the company 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. As of September 30, 2016, its investment management business, LaSalle Investment Management, has $59.7 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 JLL.com.