Store Here Self Storage, which operates 32 facilities in nine states, has acquired Jennings Station Self Storage in Jennings, Mo., a suburb of St. Louis. The facility was previously managed by Extra Space Storage Inc., a publicly traded self-storage real estate investment trust and third-party management firm. It will now be managed by Store Here Management LLC, a property-management and investment company, according to JLL Capital Markets, the commercial real estate and finance firm that represented the seller in the transaction.
The property at 8319 Jennings Station Road is at the intersection with W. Florissant Avenue. It was constructed in 1985 and converted to self-storage in 2016. The facility includes a two-story building comprising 64,315 square feet of storage space in 629 climate-controlled units. The facility also features electronic access, an elevator and goods-only lift, video cameras, and a retail-oriented office.
JLL Managing Directors Steve Mellon and Brian Somoza represented the seller, Jennings Storage Solutions LLC. “Located at a major retail intersection in a growing community, this property is positioned to benefit from strong surrounding demographics and excellent exposure,” Mellon said. “The facility’s state-of-the-art design provided Store Here Self Storage with a turnkey opportunity to acquire a high-potential self-storage property.”
The Store Here portfolio totals more than 2 million square feet of storage space in Alabama, California, Colorado, Georgia, Indiana, Kansas, Louisiana, Missouri and Texas.
Store Here Management has an acquisition and analysis division focused on the self-storage industry. Its operating partner, RHW Capital Management Group, was founded in 2012 by industry veterans with more than 70 years of combined experience to provide a stable source of funding and management.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $140 billion in investment sale and debt and equity transactions globally in 2015. The firm’s Capital Markets team comprises more than 2,000 specialists globally.