JLL’s Capital Markets experts today announced the sale of a two-property self storage portfolio located in White Bear Lake and Lake Elmo, Minnesota. A joint venture of Westport Properties Inc. and Harrison Street Real Estate Capital purchased the portfolio from Wasatch Storage Partners.
Steve Mellon and Brian Somoza led the JLL team on the sale.
“Both of these properties boast new, institutional quality construction and prime, highly visible locations,” said Mellon. “The quality of this portfolio coupled with the overall health of the Twin Cities’ economy made this an attractive offering to investors.”
The portfolio totals approximately 153,000 square feet and more than 1,400 units. Features of the properties include: climate controlled units, electronic access control, 24-hour video surveillance and retail-oriented customer service offices.
The White Bear Lake property is located at 1828 Buerkle Road, approximately 15 miles northeast of downtown St. Paul. The facility is comprised of one two-story building totaling 83,624 square feet and 818 units, all of which are climate controlled. The property also has 104 RV parking spaces. The property is surrounded by a population of more than 65,000 within a 3-mile radius and is prominently positioned along the heavily traveled Interstate 694.
The Lake Elmo facility is located at 9200 Hudson Blvd., approximately 15 miles east of downtown St. Paul. Comprised of six, single-story buildings totaling approximately 69,000 square feet, 620 units and 175 RV parking spaces, the property benefits from a prime commercial location along Interstate 94 and a strong surrounding consumer base. More than 89,000 cars pass by the property per day and the average household income within a 3-mile radius is approximately $118,000 per year.
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.
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 2017, JLL had revenue of $7.9 billion; managed 4.6 billion square feet, or 423 million square meters; and completed investment sales, acquisitions and finance transactions of approximately $170 billion. At the end of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of 82,000. As of December 31, 2017, LaSalle had $58.1 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.