JLL Capital Markets announced today that 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.
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. 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. “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.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Baranof Holdings
Baranof Holdings is a national owner and developer of institutional quality infill self-storage properties throughout major U.S. markets coast to coast. For more information, visit baranofholdings.com.
About York Developments
York Developments is a family-owned real estate development company based in Hattiesburg, Mississippi. York Developments has developed over 2.6 million square feet of ground-up self-storage and has another 500,000 square feet currently in development. Visit yorkdevelopments.com to learn more.