JLL Capital Markets announced today that it has closed the sale of an 11-property, best-in-class self-storage portfolio totaling 6,550 units in three high-performing real estate markets, the San Francisco Bay Area; Portland, Oregon; and Austin, Texas.
JLL marketed the portfolio with Pegasus Group, on behalf of the seller, Pegasus Group sponsored investments and facilitated the sale to SecureSpace Self Storage.
Operating under the Central Self Storage brand, the institutional-quality portfolio includes the following properties:
2100 A St., Antioch, CA
2721 Shattuck Ave, Berkeley, CA
324 S. Main St., Milpitas, CA
6880 Santa Teresa Blvd., San Jose, CA
900 Lonus St., San Jose, CA
13760 E. 14th St., San Leandro, CA
355 W. Hedding St., San Jose, CA
1323 NW 16th Ave., Portland, OR
8200 South I-35 Service Road, Austin, TX
14635 West SH-71, Bee Cave, TX
8327 S. Congress Ave., Austin, TX
Primarily concentrated within the San Francisco Bay Area, the portfolio was a truly unique aggregation of best-in-class real estate in a market that rarely sees scale of this type come up for sale, coupled with more recently built Class A facilities in the highly desirable growth markets of Austin and Portland. Comprising over 650,000 square feet, the portfolio was highly sought after by a mix of capital sources as investors continue to push allocations in real estate and particularly alternatives such as self-storage.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien, and Analyst Jake Kinnear.