Self-storage portfolio trades to Andover Properties
JLL Capital Markets led the sales effort for the six-property portfolio located in Philadelphia and West Florida
PHILADELPHIA, Nov. 4, 2024 – JLL Capital Markets announced today that it has completed the sale of a six-property self-storage portfolio totalling 468,266 rentable square feet in the Philadelphia MSA and the Tampa, Sarasota and Fort Myers areas of West Florida.
JLL’s National Self-Storage team represented the seller, a partnership between Metro Self Storage and Heitman, and procured the buyer, Andover Properties. The properties were operated and managed under the Metro Self Storage brand at the time of sale and will be rebranded to Andover’s Storage King USA brand.
The portfolio consists of three properties in the Philadelphia MSA: 1354 Hook Rd. in Sharon Hill, 3952 N Providence Rd. in Newtown Square, and 4440 E Bristol Rd. in Trevose. The Florida properties include: 3501 Gandy Blvd. in Pinellas Park, 619 Cattlemen Rd. in Sarasota, and 17625 Tamiami Trail in Fort Myers. All six facilities are very well positioned within affluent and densely populated trade areas with excellent histories of self-storage outperformance.
Brian Somoza, who leads JLL’s self-storage team nationally, commented, “Capital continues to gravitate towards self-storage given its defensive cash flow profile and time-tested resilience across multiple down cycles.”
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 and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 111,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Heitman
Heitman is a global real estate investment management firm with nearly $50 billion in assets under management as of June 30, 2024. Founded in 1966 and headquartered in Chicago, Heitman has 10 offices worldwide and is an active participant in the global real estate property and capital markets. Heitman makes real estate investments through private equity, debt, and publicly-traded real estate securities.
About Metro Self Storage
Metro Storage LLC is a privately owned, fully integrated, international self-storage company specializing in the development, construction, acquisition, and management of self-storage facilities in the USA and Central America. Metro operates under the registered trademark "Metro Self Storage®" in the US and is one of the largest owner/operators of self-storage facilities in the United States with over 85 stores covering 11 states. Metro Storage International (MSI) has an affiliate/partner in Central America which operates under the trade name "Mr. B's" and is Central America's leading self-storage operator with locations throughout Guatemala, El Salvador, Costa Rica, and the Dominican Republic. More information about the firm is available at metrostoragecorporate.com.
About Andover Properties
Andover Properties is an investment firm specializing in alternative real estate asset classes such as self storage, manufactured housing, RV parks, small bay industrial, and car washes. It is one of the largest private owner-operators of self storage facilities in the U.S. with a portfolio totalling over 14 million square feet across 169 facilities in 19 states operating under the Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San Francisco. For more information, visit andoverprop.com.