March 24, 2020 – JLL Capital Markets announced today that it has closed the sale of a portfolio of three Class A self-storage properties totaling 3,596 units in the greater New York City and Boston areas.
JLL marketed the portfolio on behalf the sellers, which are affiliates of Banner Real Estate Group. An affiliate of Public Storage purchased the assets.
The portfolio comprises three new, institutional-quality assets in highly desirable, densely populated core urban areas with extremely high barriers to entry. The facilities were constructed in 2018 and 2019. The two New York properties are located at 5002 2nd Ave. in Brooklyn and at 479 5th Ave. in New Rochelle, which is in Westchester County, and the Boston-area property is at 490 Eastern Ave. in Malden.
The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Managing Directors Andrew Scandalios and Coleman Benedict.
“This portfolio offers immediate scale in the self-storage sector with a meaningful presence in two of the most sought-after markets in the U.S.,” Mellon said. “This was an extremely rare opportunity for the buyer to place a large amount of capital in institutional-quality assets located in core, urban areas with extreme barriers to entry for new competition.”