The self storage practice groups of Cushman & Wakefield and JLL announced they have completed the sale of the Self Storage 1 portfolio encompassing two trophy self storage properties in Los Angeles and Houston. Totaling more than 158,000 square feet, the assets are purpose-built, institutional-quality self storage projects offering modern design and amenities.
A well-capitalized, national owner/operator, purchased the portfolio from Cardiff Mason Development, a private development firm based in San Jose, California. Cushman & Wakefield’s Greg Wells and JLL’s Steve Mellon and Brian Somoza handled the transaction on behalf of the seller.
Located at 11820 W. Olympic Blvd., the store in West Los Angeles serves the affluent communities of Brentwood, Beverly Hills, Santa Monica and West Los Angeles. The immediate trade area has more than 340,000 people within three miles with average annual household incomes of more than $120,000. The project has a highly visible location on W. Olympic Blvd., just blocks from the intersection of Interstate 10 and Interstate 405.
The Houston store is located at 5321 Richmond Ave. in the Galleria-Uptown area of Houston, one of the most dynamic, high-end submarkets in Texas. The project has an excellent location on Richmond Avenue, a main retail corridor in the Galleria-Uptown district with a traffic count exceeding 29,000 cars per day. Within three miles of the site, there are more than 218,000 people and approximately 2,500 new apartment units under construction or in planning.
"This portfolio was an extremely rare opportunity to acquire two irreplaceable trophy assets positioned in two of the strongest trade areas in the United States,” said Wells.
"The demand for assets of this caliber in locations this strong remains incredibly high,” commented Mellon.
“The marketing process for this portfolio generated offers from REIT’s as well as multiple sources of institutional capital,” said Somoza.
The Cushman & Wakefield Self Storage Practice Group is a full service real estate platform dedicated to the self storage asset class. The group offers investment advisory, valuation, consulting, feasibility and data services in all major markets in the U.S.
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 a sale, financing, repositioning, advisory or recapitalization execution. In 2017 alone, the firm’s 2,000 Capital Markets specialists completed $170 billion in investment sale and debt and equity transactions globally.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with nearly 300 corporate offices, operations in over 80 countries and a global workforce of 86,000 as of June 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com
