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| A portfolio of three Class A self-storage properties totaling 3,596 units was sold in the greater New York City and Boston areas. |
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| Steve Mellon |
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.
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| Brian Somoza |
“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.”
“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.”
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| Andrew Scandalios |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.
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| Coleman Benedict |
Banner Real Estate Group and its affiliates (“Banner”) are a group of real estate companies based in Northbrook, Illinois.
Banner focuses on the acquisition, management and development of multifamily, self-storage and senior housing properties nationwide.
Since its founding in 1989, Banner as acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion.
Banner focuses on the acquisition, management and development of multifamily, self-storage and senior housing properties nationwide.
Since its founding in 1989, Banner as acquired and operated 48 multifamily properties and has developed 20 self-storage facilities and apartment communities, collectively worth nearly $1.4 billion.
Contact:
Kimberly Steele
JLL Senior Associate
Public Relations
JLL Senior Associate
Public Relations
Phone: +1 713 852 3420
Email: Kimberly.Steele@am.jll.com
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