Done Deals: JLL closes the sale of a self-storage development site in New Orleans

Sunday, May 3, 2020

JLL closes the sale of a self-storage development site in New Orleans

Rendering of planned SpaceBox Storage at 1125 South Liberty Street in New Orleans, LA

HOUSTON, TX – JLL Capital Markets announced it has closed the sale of a 1.16-acre land site that will house SpaceBox Storage, a to-be-built, three-story, Class A self-storage facility with 836 climate-controlled units within a Qualified Opportunity Zone in New Orleans, Louisiana.

Steve Mellon

JLL marketed the property on behalf of the seller, Baranof Holdings. York Developments purchased the site and will develop the facility.

York Developments is constructing SpaceBox Storage at 1125 S. Liberty St. in an infill location in the New Orleans central business district.

With 300 feet of frontage along the south side of Earhart Boulevard (Pontchartrain Expressway Frontage Road), the location has excellent exposure to combined traffic counts of more than 151,000 vehicles from Earhart Boulevard and Pontchartrain Expressway.

The site is proximate to the intersection of Earhart Boulevard and Simon Bolivar Avenue, providing easy access to drivers exiting Pontchartrain Expressway.

Brian Somoza

There are more than 190,000 residents and approximately 3,000 multi-housing units currently under construction within a three-mile radius of the site, and the existing self-storage supply of 3.65 square feet per person is well below the national average within the same area.

The JLL Capital Markets team was led by Managing Director Steve Mellon and Brian Somoza along with Senior Vice President Greg Riera.

“York Developments is developing SpaceBox Storage in an infill location with excellent exposure in a dense, growing market with limited supply,” Mellon said.

Greg Riera

“The lack of supply in the immediate area due to the countless challenges new development faces made this land site that is already fully entitled and permitted for a self-storage development attractive.”

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 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.

Contact:

Kimberly Steele, JLL Senior Associate, Public Relations

Phone: +1 713 852 3420