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.
About Jones Lang LaSalle Capital Markets
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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