Public Storage Inc., a self-storage real estate investment trust, has purchased a six-property portfolio in the Dallas-Fort Worth Area. The seller was a joint venture owned by Advantage Storage and Harrison Street Real Estate Capital, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that helped broker the deal.
Constructed between 2001 and 2017, the facilities total approximately 430,000 square feet of storage space in more than 3,300 units. Property features include climate control, electronic access control, perimeter fencing, video cameras and retail-oriented management offices.
JLL Managing Directors Steve Mellon and Brian Somoza led their team in the deal. “Population density, positive job growth and strong residential development are keys to a successful self-storage property,” Mellon said. “The fact that the Dallas-Fort Worth market has seen tremendous growth in all three of these areas made this offering extremely attractive to investors.”
Public Storage Inc. recently opened a new facility in Richmond, Texas, a suburb of Houston. The five-story property features more than 1,200 climate-controlled units.
Based in Glendale, Calif., Public Storage has interests in 2,358 self-storage facilities in 38 states, with approximately 156 million net rentable square feet. Operating under the Shurgard brand name, the company also has 220 facilities in seven European countries, with approximately 12 million net rentable square feet.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $145 billion in investment sale and debt and equity transactions globally in 2016. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
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