JLL’s Capital Markets experts today announced the sale of Safe Keeping Self Storage, a 782-unit self storage facility in the Houston suburb of Baytown. New York-based Merit Hill Capital purchased the property from Houston-based Weiss Realty Group Inc.
Steve Mellon and Brian Somoza led the JLL team on the sale.
“This property provides a value-add opportunity in a growing city with a strong local economy,” said Mellon. “As such, it is a perfect fit for Merit Hill Capital’s portfolio.”
The 76,485-square-foot property at 120 S. Alexander Drive is surrounded by a population of nearly 52,000 and has only four other competing self storage facilities within a three-mile radius.
Comprised of one single-story building the facility is 93 percent leased. Features of the property include climate controlled units, electronic access control, 24-hour video surveillance, a covered loading area, and eight office/warehouse units that generate additional revenue from non-storage tenants.
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 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 83,500 as of March 31, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit IR.JLL.com.