JV Buys Minnesota Storage Portfolio
- Apr 12, 2018
Westport Properties Inc., in partnership with Harrison Street Real Estate Capital, has purchased a two-property self-storage portfolio in White Bear Lake and Lake Elmo, Minn. from Wasatch Storage Partners. JLL’s Capital Markets team arranged the sale of the portfolio. CubeSmart serves as property manager of both assets, according to Yardi Matrix.
The portfolio encompasses 1,438 storage units totaling nearly 153,000 square feet of space. Both properties feature climate-controlled storage spaces, electronic access control, 24-hour video surveillance and offer retail-oriented customer services.
Located at 1828 Buerkle Road, the White Bear Lake facility is situated alongside Interstate 694, roughly 15 miles east of downtown St. Paul. Approximately 65,000 people live within a three-mile radius, and the average household income is more than $63,000. Completed in 2017, the 83,624-square-foot, Class A facility features 818 units ranging in size from 20 to 300 square feet.
The Lake Elmo facility occupies nearly 10 acres at 9200 Hudson Blvd., alongside Interstate 94, approximately 15 miles from downtown St. Paul. Completed this month, the 69,000-square-foot facility comprises 620 units and offers 175 RV parking spaces.
“Both of these properties boast new, institutional quality construction and prime, highly visible locations,” said Steve Mellon of JLL’s Capital Markets team, in prepared remarks. “The quality of this portfolio coupled with the overall health of the Twin Cities’ economy made this an attractive offering to investors.”
Mellon together with Brian Somoza brokered the sale of the properties.
Images courtesy of JLL