JLL Capital Markets facilitates financing for Andover Properties’ self-storage facility
News release
15 August 2024
Refinancing secured for Fort Myers Storage King USA Property
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DALLAS, Aug. 15, 2024 – JLL Capital Markets announced today that it has arranged refinancing for Storage King USA – Fort Myers Highway 80, a 633-unit self-storage facility in Fort Myers, Florida.
Working on behalf of Andover Properties, JLL secured a five-year loan from Choice Bank. The proceeds will refinance the existing loan and fund Phase II development, adding 89,721 square feet of additional storage space.
Located at 11351 Palm Beach Blvd., Storage King USA benefits from high visibility with over 30,000 vehicles passing daily. Fort Myers is experiencing rapid population growth yet remains underserved in the self-storage sector. The facility is also near Babcock Ranch, a major development projected to add approximately 20,000 new homes and 50,000 residents.
Originally built in 2004 and first expanded in 2019, Storage King USA – Fort Myers Highway 80 offers area customers 55,353 square feet of rentable space in a mix of climate-controlled and non-climate-controlled units. The 13.36-acre site has gated access and recorded video surveillance and offers space for boat and RV storage.
The JLL Capital Markets Self-Storage team was led by Directors John Bauman and John Williamson who were supported by Lee Weaver and Alex Riva from JLL’s Central Florida team.
“The property is exceptionally positioned to capitalize on the growing influx of residents with growing storage needs to the Ft. Myers area given there is virtually no competition within its trade area and no planned developments underway,” Williamson 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.
For more news, videos and research resources, please visit JLL’s newsroom.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 110,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Andover Properties
Andover Properties is an investment firm specializing in alternative real estate asset classes such as self-storage, manufactured housing, RV parks, small bay industrial, and car washes. We are one of the largest private owner-operators of self-storage facilities in the U.S. Our portfolio totals over 13.5 million rentable square feet across 162 facilities in 18 states and operates under our Storage King USA brand. Founded in 2003 by Brian and William Cohen, Andover is headquartered in New York City, with offices in Miami and San Francisco. For more information, visit Andover Properties.