JLL Secures $52M Refi for Space Mart Self-Storage Portfolio
The portfolio includes eight properties in Greater Philadelphia, Pennsylvania and Richmond, Va., totaling 554,823 square feet. JLL secured the loan.
By Evelyn Jozsa
Space Mart Self-Storage, Pennsylvania
JLL’s Capital Markets experts have secured a $52 million refinancing for a 554,823-square-foot, 4,711-unit Space Mart Self-Storage portfolio in Pennsylvania and Richmond, Va. The company secured the loan on behalf of the owner group and the sponsor, Space Development Co., through Goldman Sachs.
The portfolio includes four properties in the Greater Philadelphia market, two in central Pennsylvania and two in Richmond, Va. The self-storage facilities feature climate-controlled units, ranging in size from 25 to 300 square feet. Other amenities include 24-hour access, lounge and meeting area, truck rental and computer controlled security.
“The geographic diversification and exceptional demographics of the assets in this Class A self-storage portfolio drove significant demand for this type of product,” said Griffin Guthneck, senior vice president at JLL, in prepared remarks. “Self-storage continues to provide investors with a solid, defensive play and is attractive to lenders for its stability.”
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