JLL’s Capital Markets experts today announced the firm completed the sale of 21st Century Self Storage in the Newark suburb of Kearney. Drive-Up Storage, a subsidiary of Maya Capital Partners, LLC, purchased the property.
JLL Managing Directors Steve Mellon, Brian Somoza and Joseph Garibaldi represented the seller, 21st Century Self Storage, in the transaction.
“Located in one of the most densely populated metro areas in the country and recently renovated to add more than 200 locker units, this facility should prove to be an excellent investment opportunity for the new ownership,” said Mellon.
Converted to a self storage facility in 1996, the property at 445 Hickory Street is approximately 7 miles west of Manhattan and has more than 242,000 residents within a 3-mile radius.
Comprised of one fully enclosed, single-story building the facility includes 21 climate controlled, 168 non-climate controlled and 219 locker units. Features of the property include: 24-hour surveillance, electronic access control and a retail-oriented customer service office.
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.