1,200-unit self-storage portfolio trades in suburban Nashville
JLL Capital Markets completed the sale of the 2-property portfolio to Reliant Real Estate Management
NASHVILLE, Tenn., September 22, 2020 – JLL Capital Markets announced today that it has closed the sale of a self-storage portfolio consisting of two new facilities totaling 1,200 units in Murfreesboro, Tennessee.
JLL marketed the properties on behalf of the seller, Utah-based Wasatch Storage Partners. Reliant Real Estate Management purchased the facilities.
The portfolio comprises the 662-unit Salem Glen Self Storage facility at 3450 Glenside Ct. and the 538-unit CubeSmart facility at 1932 Cason Ln. Glenside Court was completed in 2005 and expanded in 2017. The well-maintained property has a mix of 177 climate- and 485 drive-up, non-climate-controlled units along with modern security features. The Cason Lane property was completed in 2017 and expanded this past spring to add 57 RV parking units. The unit mix includes 244 climate- and 237 drive-up, non-climate-controlled units, and the facility was designed to institutional-quality standards with modern security features. Both properties are within three miles of at least 1,000 multi-housing units in various stages of development.
The JLL Capital Markets team was led by Managing Director Steve Mellon and Managing Director Brian Somoza along with Executive Vice President Bo Fulk.
“Nashville is one of the fastest-growing cities in the United States right now, and, with a flood of new young professionals and families moving into the area, housing is limited, so people are looking at alternatives to the city,” Mellon said. “Murfreesboro is a short drive from Nashville and is experiencing enormous residential growth, making this portfolio ideal for investors looking to capitalize on the increased need for storage due to an influx of residents.”
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.
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About JLL
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 in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Wasatch Storage Partners
Wasatch Storage Partners is led by a group of highly experienced real estate professionals with over 50 years of combined experience in financial management, real estate development and investment with a self-storage specialization.
About Reliant Real Estate Management
Reliant is a vertically integrated self-storage operator whose principals have over 50 years of experience in self-storage covering all aspects of the industry. The Reliant portfolio currently has 53 properties and over 4.4 million square feet. Its corporate office is located in Roswell, Georgia.