JLL’s Capital Markets experts today announced the sale of a six-property self storage portfolio located in the Minneapolis-St. Paul metropolitan area. Glendale, California-based Public Storage purchased the portfolio from Walnut Creek, California-based Pegasus Group, which operates as Central Self Storage.
Brian Somoza and Steve Mellon led the JLL team on the sale.
“This portfolio was an attractive, turnkey investment opportunity that allowed the buyer to increase their presence in Minnesota by 12 percent,” said Somoza. “Stabilized occupancy combined with upward trending rents and minimal capital expenditures should result in healthy cash-on-cash returns for the new ownership.”
In total, the portfolio encompasses more than 360,000 square feet and 3,243 units. Features of the properties include: climate controlled units, drive-up units, interior drive-thru loading, electronic access control, 24-hour video surveillance and retail-oriented customer service offices.
With an average occupancy of approximately 90 percent, the properties are located across downtown Minneapolis and nearby popular cities. The average three-mile population ring across the portfolio is more than 91,000 and is projected to grow more than 5.3 percent by 2022.
The portfolio is composed of the following assets.
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 86,000 as of June 30, 2018. JLL is the brand name and a registered trademark of Jones Lang LaSalle Incorporated. For further information, visit JLL.com