JLL’s Capital Markets experts today announced the sale of a two-property self storage portfolio in Arizona and Colorado. A joint venture of Advantage Storage and Harrison Street Real Estate Capital purchased the property from a joint venture of Wasatch Storage Partners and a private real estate fund advised by Crow Holdings Capital – Real Estate (“CHC-RE”).
Brian Somoza and Steve Mellon led the JLL team on the sale.
“New, institutional-level construction, excellent visibility and local barriers to entry, made this portfolio an attractive offering,” said Somoza. “Even more so, strong projections for economic and population growth in both the Phoenix and Denver metro areas should result in a sound investment for the new ownership.”
Together, the properties total 147,521 square feet and 1,425 units. Features of the facilities include: Drive-up units, climate controlled units, secure fencing with electronic access control, 24-hour video surveillance and retail-oriented customer service offices.
Completed in 2017, the Arizona property is located approximately 17 miles northwest of downtown Phoenix at 7910 W. Beardsley Road in the Phoenix suburb of Glendale. Comprised of one, three-story building totaling 96,950 square feet and 955 units, the facility benefits from a highly visible location and strong surrounding demographics. More than 120,000 cars pass by the property on Route 101 per day and the average household income within a 3-mile radius is more than $90,000 per year.
Completed in 2016, the Colorado asset is approximately 10 miles southwest of downtown Denver at 11645 W. Belleview Avenue in the Denver suburb of Littleton. Totaling 50,571 square feet and 470 units, the facility is comprised of one, three-story building and two, one-story buildings. The property is surrounded by a population of approximately 80,400 within a 3-mile radius, with an average household income of $98,000 per year. The facility should benefit from strong surrounding demographics in the long term because of barriers to entry that include scarce infill locations and strict local development regulations.
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 2016 alone, JLL Capital Markets completed $145 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.