Class A self storage facility in Portland trades

PORTLAND, Feb. 4, 2021 – JLL Capital Markets announced today that it has closed the sale of Hosford Self Storage, a 1,089-unit, Class A self storage facility in Portland, Oregon.

JLL worked on behalf of the seller, an affiliate of Banner Real Estate Group. Pegasus Group purchased the asset. The property will be managed by Central Self-Storage®.

Constructed in 2018 by the seller, Hosford Self Storage and comprises one four-story building with an attractive, modern design. The 87,597-square-foot facility features all climate-controlled units, 24-hour video surveillance, locker units, drive-in loading, elevator access to upper floors and a retail-oriented customer service office.

Situated on 1.29 acres at 685 SE Division Pl., Hosford Self Storage is in Portland’s Hosford-Abernathy neighborhood, which has an urban-suburban feel with a mix of residential and commercial properties. The facility is visible to more than 59,000 vehicles per day from its location just east of Grand Avenue, a high-traffic roadway. The property is surrounded by 210,000 residents within a three-mile radius, and there are 47 multi-housing projects either proposed or currently under construction in the area, which is expected to grow an annual rate of 1.96 percent over the next five years.

The JLL Capital Markets Investment Sales Advisory team representing the seller was led by Managing Directors Brian Somoza and Steve Mellon along with Senior Managing Director Ira Virden.

“There is strong demand for self storage in the property’s submarket, as demonstrated by the facility quickly achieving a physical occupancy of 80 percent in just over two years of operations,” Mellon said. “Hosford Self Storage is 100 percent climate controlled, which is a unique competitive advantage, as most other properties in this submarket do not offer this feature.”

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 sales 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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