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17 Jul 2020

1,692-Unit Self Storage Portfolio Trades in Kansas City


HOUSTON, July, 2020 – JLL Capital Markets announced today that it has closed the sale of a self storage portfolio consisting of two new facilities totaling 1,692 units in suburban Kansas City, Kansas.

JLL Capital Markets marketed the properties on behalf of the seller, SurePoint Self Storage. StorageMart purchased the facilities.

At the time of sale, the buyer received a $16.7 million loan from First National Bank of Omaha.

The portfolio comprises the 908-unit facility at 12020 Glenwood St. in Overland Park and the 784-unit facility at 15282 W 134th Pl. in Olathe. Both properties were recently completed 2020 and built with modern design and market-leading, Class A features, including electronic access control, 24-hour video surveillance, climate-controlled and drive-up units, elevator access to upper floors and a retail-oriented customer service office that sells packing and shipping supplies. Both suburban Kansas City properties have excellent exposure to high traffic commercial roadways and a surrounding population that exceeds 85,000 residents within a three-mile radius of each property.

The JLL Capital Markets team was led by Managing Director Steve Mellon and Managing Director Brian Somoza along with Senior Associate Henry Weiler and Vice President Andrew Fisher.

“These two self-storage properties are in small municipalities with a tightly controlled development approval process for new self storage development, which means there will be limited competition entering the market,” Steve Mellon said. “The properties are institutional-quality assets in locations near several major traffic draws.”

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.

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, operations in over 80 countries and a global workforce of more than 94,000 as of March 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.

About SurePoint Self Storage

Robert Loeb, Brian Cisarik and Jeff Bailey are the principals of SurePoint Self Storage. Cisarik and Loeb started developing storage together in 2000. In 2012 Jeff Bailey, who has been active in self-storage since 1994, joined the team to help expand the SurePoint footprint. Since 2014, the SurePoint team has developed three properties in San Antonio, five in Houston (with a sixth currently under construction) and these two Kansas City properties, all state-of-the-art, multi-story Class A+ properties. Currently SurePoint operates five facilities in San Antonio and three in the Houston market. Find out more at surepointselfstorage.com.

About StorageMart

With approximately 225 locations in three countries, StorageMart started with a single store in Columbia, Missouri, and has grown to be the largest privately-owned, family-operated storage company in the world. StorageMart is led by the Burnam family, who have been in the storage industry for four generations. Dedicated to providing easy, clean, and friendly service to every customer, StorageMart is also committed to giving back to the many communities it calls home through their Store It Forward program. Find out more at storage-mart.com.

Thumbnail: Photo by Colton Sturgeon on Unsplash

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