JLL Capital Markets announced today that it has arranged the recapitalization of two newly constructed self storage facilities totaling 1,975 units in the San Diego and Los Angeles metropolitan areas of California.
JLL recapitalized the properties on behalf of the seller, Baranof Holdings. Clarion Partners is Baranof’s new partner, buying out the ownership stake previously held by another partner of Baranof, Invesco Real Estate, a global real estate investment manager.
Lemon Grove Self Storage is located at 8016 Broadway in the Lemon Grove area of San Diego, immediately east of downtown. The 838-unit, Class A property was completed in 2022 and received its certificate of occupancy in October.
Venice Blvd. Self Storage is positioned at 1810 Venice Blvd. in the Koreatown neighborhood of Los Angeles. Completed in 2022, the 1,137-unit facility also achieved its certificate of occupancy in October.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Director Brian Somoza.
“Despite some economic headwinds impacting other asset classes we continue to see strong demand from the investor community for self storage assets as the asset class continues to maintain steady occupancy and rising demand,” Somoza said.
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.