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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