Done Deals: JLL Capital Markets facilitates financing for Andover Properties’ self-storage facility in Fort Myers, FL

Sunday, August 18, 2024

JLL Capital Markets facilitates financing for Andover Properties’ self-storage facility in Fort Myers, FL

Storage King USA Fort Myers Highway 80,
633-unit self-storage facility, Fort Myers, FL

DALLAS, TX – JLL Capital Markets has arranged refinancing for Storage King USA – Fort Myers Highway 80, a 633-unit self-storage facility in Fort Myers, Florida. Financial details were not disclosed.

Working on behalf of Andover Properties, JLL secured a five-year loan from Choice Bank. The proceeds will refinance the existing loan and fund Phase II development, adding 89,721 square feet of additional storage space.

Located at 11351 Palm Beach Blvd., Storage King USA benefits from high visibility with over 30,000 vehicles passing daily. Fort Myers is experiencing rapid population growth yet remains underserved in the self-storage sector.

Babcock Ranch community development,
near Fort Myers, FL

The facility is also near Babcock Ranch, a major development projected to add approximately 20,000 new homes and 50,000 residents.

John Bauman

Originally built in 2004 and first expanded in 2019, Storage King USA – Fort Myers Highway 80 offers area customers 55,353 square feet of rentable space in a mix of climate-controlled and non-climate-controlled units.

The 13.36-acre site has gated access and recorded video surveillance and offers space for boat and RV storage.

The JLL Capital Markets Self-Storage team was led by Directors John Bauman and John Williamson who were supported by Lee Weaver and Alex Riva from JLL’s Central Florida team.

John Williamson

“The property is exceptionally positioned to capitalize on the growing influx of residents with growing storage needs to the Ft. Myers area given there is virtually no competition within its trade area and no planned developments underway,” Williamson said.

JLL 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 investment sales and advisory, debt advisory, equity advisory or a recapitalization.