JLL’s Capital Markets experts today announced the firm completed the sale of a Central Self Storage in the New Orleans suburb of Harvey. City Line Capital purchased the property.
JLL Managing Directors Steve Mellon and Brian Somoza and Senior Vice President Greg Riera represented the seller, Pegasus Group, in the transaction.
“This recently renovated offering provided investors with an opportunity to acquire a competitively priced self storage facility with excellent visibility along a main commuter thoroughfare just south of New Orleans,” said Mellon.
Originally built in 1985, the facility at 2520 Destrehan Ave. was fully renovated in 2013. Enhancements included remodeling the customer service office, repainting the exterior and interior of all storage buildings, replacing drive-up storage doors, converting non-climate units to climate controlled units and installing a lift.
Made up of one single-story and two two-story buildings, the 57,464-square-foot storage facility has 130 climate controlled units and 367 non-climate controlled units. Features of the property include: secure fencing, electronic access control, drive-up units, 24-hour self-service kiosk and a retail-oriented customer service office.
Located 10 miles south of New Orleans, Central Self Storage offers access from Lapalco Boulevard, a heavily traveled four-lane thoroughfare with an estimated traffic count of 49,000 cars per day.
For more news, please visit The Investor, an online and mobile app news source providing real-time commercial real estate news to asset buyers and sellers around the world.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit JLL.com.