NEW YORK — Jones Lang LaSalle completed the sale of a portfolio of three self-storage facilities, totaling 226,455 square feet, for 21st Century Storage. Kurt O'Brien acquired 5301 Park Heights Avenue in Baltimore, 101 U.S. Route 9 in Marmora, N.J., and 555 North Olden Avenue in Trenton, N.J., for $21.3 million in early September. Simply Self Storage will manage the three assets.
The seller, 21st Century Storage, was represented by Doug McCarron, Steve Mellon and Pete Williams, managing directors, with JLL's national self-storage team, along with Joseph Garibaldi, managing director, and James Molloy III, senior vice president. The buyer was represented in-house.
“This was a highly compelling, turnkey opportunity for Simply Self Storage to acquire an existing, quality self-storage portfolio with considerable remaining upside,” said McCarron. “All three facilities have generated consistent revenue growth over the past year and are situated at high-traffic locations with exceptional visibility.”
The 60,505-square-foot 5301 Park Heights Avenue in Baltimore was constructed in 2005 and contains a total of 894 storage units. The one-building self-storage facility offers 881 climate-controlled units, nine nonclimate-controlled units and four uncovered recreational vehicle/surface units. It includes an on-site apartment, 24-hour video surveillance, a secure gate, control key pads and a state-of-the-art customer service office.
The 51,975-square-foot 101 U.S. Route 9 in Marmora, N.J., was constructed in 2007 and contains a total of 449 storage units. The four-building self-storage facility includes 287 climate controlled units, 151 nonclimate controlled units and 11 uncovered recreational vehicle/surface units. It includes an on-site apartment, 24-hour video surveillance, a secure gate, control key pads and a state-of-the-art customer service office.
The 111,115-square-foot 555 North Olden Avenue in Trenton, N.J., was originally constructed in the 1920s as an industrial facility and converted to a self-storage facility in 2005. The one-building asset contains 1,030 heated and air-cooled units and four uncovered recreational vehicle/surface units. It includes 24-hour video surveillance, a secure gate, control key pads and a state-of-the-art customer service office.
Jones Lang LaSalle 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 2012 alone, Jones Lang LaSalle Capital Markets completed $63 billion in investment sale and debt and equity transactions globally. The firm’s dealmakers completed $60 billion in global investment sales and buy-side transactions, equating to nearly $240 million of investment trades completed every working day around the globe. The firm’s Capital Markets team comprises more than 1,300 specialists, operating all over the globe.
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About Jones Lang LaSalle
Jones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSalle operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $46.3 billion of real estate assets under management. For further information, visit www.jll.com.