Storage Rentals of America, Main and Mill Streets, Belleville, NJ
BELLEVILLE, NJ—JLL's Capital Markets group secured $31.5 million to refinance Storage Rentals of America – Belleville, a five-building property consisting of approximately 400,000 gross square feet in Belleville, NJ.
Griffin Guthneck, senior vice president and analyst Wes Wallace led the JLL team on the financing on behalf of SROA Capital, a real estate fund affiliate of Storage Rentals of America. A life insurance company provided a 7-year fixed-rate non-recourse loan. JLL did not identify the insurance company.
“This financing was well received by the market and presented a unique opportunity for a lender to capitalize an institutional-owned self-storage asset at a relatively low leverage,” Guthneck says. “SROA Capital has proven management expertise and has created tremendous value during ownership.”
The facility, which is approximately 85% occupied, offers climate-controlled, non-climate, and parking units. Located at the intersection of Main and Mill streets in Belleville, the property benefits from two heavily traveled roadways that provide excellent exposure and customer awareness. With a population of almost 675,000 within a five-mile radius, the property also benefits from the high density of nearby homes and businesses.
The property is owned within one of SROA Capital's current real estate funds. Since its inception in 2013, SROA Capital has expanded its portfolio to include 85 properties across Delaware, Florida, Kentucky, Ohio, South Carolina, and New Jersey.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
