JSM Venture Announces New Self Storage Development Equity Fund
JSM Venture has partnered with Matrix Capital Advisors to develop and operate institutional quality self-storage properties in the greater Chicago and Milwaukee metropolitan markets.
Chicago, IL, March 14, 2007 --(PR.com)-- JSM Venture and Matrix Capital Advisors have formed Matrix Midwest Self Storage, LLC, a $10 million real estate equity fund. The companies will use the fund to develop and operate institutional quality self-storage properties in the greater Chicago and Milwaukee metropolitan markets.
“Despite some forecasts of overbuilding in the self-storage market, there are still prime locations in both the greater Chicago and Milwaukee metros. By most measurements, the Chicago market is still underserved,” said John Mengel, principal of JSM Venture, LLC, a Chicago-based self-storage development firm that builds Class-A facilities in high growth markets, and a principal of the newly formed Matrix Midwest Self Storage. “My experience developing self-storage properties combined with Matrix Capital Advisors’ real estate investing acumen brings synergies that will lead to profitable developments in the years ahead.”
The self-storage fund’s first project is Country Club Hills Storage, a state-of-the-art self-storage facility in the Chicago suburb of Country Club Hills. The three-story facility combines value-added storage amenities with best-of-breed architectural treatments that characterize the industry’s new face. Country Club Hills Storage sits just 20 miles southwest of downtown Chicago in a new 70-acre retail development that features a 203,000-square-foot Super Wal-Mart store and a 16-screen Loews Cinema movie theater as “destination” traffic-generating anchors. The project is scheduled for completion this summer.
The partnership between JSM Venture and Matrix Capital Advisors illustrates the coordinated approach to self-storage development that has emerged over the past few years, with experienced developers joining forces with successful institutional investors. Self-storage is well regarded among the investment community as a niche property type with stable returns. Institutional and high net worth investors who are looking to diversify their portfolios have chosen self-storage for the reliability of their cash flows and long-term appreciation potential.
“We like the self-storage sector for all the same reasons that institutions and high net worth investors have been investing in the space,” said Christopher J. Burke, managing director at Chicago-based investment advisory Matrix Capital Advisors LLC. “Our commitment to this Fund is more about the confidence we have in John Mengel and JSM to identify and acquire great sites, build state-of-the-art facilities and bring them in on time and within budget.”
JSM Venture brings a proven self-storage development track record to the table at a strategic time in the industry’s growth. JSM also operates McCook Self Storage, a former metal manufacturing facility site in McCook, Ill. and is nearing completion of Broadway Storage, a six-story conversion project in Chicago. Prior to launching JSM Venture, Mengel co-owned Chicago Data, a Chicago-based record storage company that was sold to Iron Mountain Corporation. Mengel developed several successful storage facilities during his tenure at Chicago Data.
“Institutional money is finding self-storage because the returns are quite high, the failure rate is quite low and it’s a mainstream business now,” said Michael Mele, senior investment associate and senior director of Marcus & Millichap’s National Self Storage Group in Tampa Fla. “Self-storage is no longer just little dirty warehouses. It’s a viable option and a very profitable one, especially as other product types, like multi-family, are bringing in lower returns.”
ABOUT JSM VENTURE, LLC
Headquartered in Chicago, Ill., JSM Venture LLC is a self-storage development firm that builds Class-A facilities in high growth markets. John S. Mengel founded the venture in 2004 and has been actively developing properties in the Chicago metropolitan area. Mengel has a proven track record in the storage industry. Prior to launching JSM Venture, Mengel co-owned Chicago Data, a Chicago-based record storage company that was sold to Iron Mountain Corporation. Mengel developed several successful storage facilities during his tenure at Chicago Data. JSM intends to develop five to seven next-generation, institutional quality multi-story facilities over the next two to three years.
ABOUT MATRIX CAPITAL ADVISORS, LLC
Matrix Capital Advisors, LLC ("Matrix") is a registered investment advisor under the Securities Act of 1940 serving high net worth individuals, families and private foundations. Matrix is a fee-only investment advisor that offers unbiased, expert wealth management services and operates a multifamily office coordinating financial, tax and administrative services to produce comprehensive solutions for the client. Matrix was founded by and is wholly owned by Christopher J. Burke and Michael D. Wik, who combined have more than 40 years of investment experience working with high net worth individuals and institutional investors. The firm has its origins in a group of families and individuals that the founders have worked with for many years.
PR Contact:
Jennifer LeClaire
Self Storage Promotions
954.454.0072
jennifer@selfstoragepromotions.com
www.selfstoragepromotions.com
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“Despite some forecasts of overbuilding in the self-storage market, there are still prime locations in both the greater Chicago and Milwaukee metros. By most measurements, the Chicago market is still underserved,” said John Mengel, principal of JSM Venture, LLC, a Chicago-based self-storage development firm that builds Class-A facilities in high growth markets, and a principal of the newly formed Matrix Midwest Self Storage. “My experience developing self-storage properties combined with Matrix Capital Advisors’ real estate investing acumen brings synergies that will lead to profitable developments in the years ahead.”
The self-storage fund’s first project is Country Club Hills Storage, a state-of-the-art self-storage facility in the Chicago suburb of Country Club Hills. The three-story facility combines value-added storage amenities with best-of-breed architectural treatments that characterize the industry’s new face. Country Club Hills Storage sits just 20 miles southwest of downtown Chicago in a new 70-acre retail development that features a 203,000-square-foot Super Wal-Mart store and a 16-screen Loews Cinema movie theater as “destination” traffic-generating anchors. The project is scheduled for completion this summer.
The partnership between JSM Venture and Matrix Capital Advisors illustrates the coordinated approach to self-storage development that has emerged over the past few years, with experienced developers joining forces with successful institutional investors. Self-storage is well regarded among the investment community as a niche property type with stable returns. Institutional and high net worth investors who are looking to diversify their portfolios have chosen self-storage for the reliability of their cash flows and long-term appreciation potential.
“We like the self-storage sector for all the same reasons that institutions and high net worth investors have been investing in the space,” said Christopher J. Burke, managing director at Chicago-based investment advisory Matrix Capital Advisors LLC. “Our commitment to this Fund is more about the confidence we have in John Mengel and JSM to identify and acquire great sites, build state-of-the-art facilities and bring them in on time and within budget.”
JSM Venture brings a proven self-storage development track record to the table at a strategic time in the industry’s growth. JSM also operates McCook Self Storage, a former metal manufacturing facility site in McCook, Ill. and is nearing completion of Broadway Storage, a six-story conversion project in Chicago. Prior to launching JSM Venture, Mengel co-owned Chicago Data, a Chicago-based record storage company that was sold to Iron Mountain Corporation. Mengel developed several successful storage facilities during his tenure at Chicago Data.
“Institutional money is finding self-storage because the returns are quite high, the failure rate is quite low and it’s a mainstream business now,” said Michael Mele, senior investment associate and senior director of Marcus & Millichap’s National Self Storage Group in Tampa Fla. “Self-storage is no longer just little dirty warehouses. It’s a viable option and a very profitable one, especially as other product types, like multi-family, are bringing in lower returns.”
ABOUT JSM VENTURE, LLC
Headquartered in Chicago, Ill., JSM Venture LLC is a self-storage development firm that builds Class-A facilities in high growth markets. John S. Mengel founded the venture in 2004 and has been actively developing properties in the Chicago metropolitan area. Mengel has a proven track record in the storage industry. Prior to launching JSM Venture, Mengel co-owned Chicago Data, a Chicago-based record storage company that was sold to Iron Mountain Corporation. Mengel developed several successful storage facilities during his tenure at Chicago Data. JSM intends to develop five to seven next-generation, institutional quality multi-story facilities over the next two to three years.
ABOUT MATRIX CAPITAL ADVISORS, LLC
Matrix Capital Advisors, LLC ("Matrix") is a registered investment advisor under the Securities Act of 1940 serving high net worth individuals, families and private foundations. Matrix is a fee-only investment advisor that offers unbiased, expert wealth management services and operates a multifamily office coordinating financial, tax and administrative services to produce comprehensive solutions for the client. Matrix was founded by and is wholly owned by Christopher J. Burke and Michael D. Wik, who combined have more than 40 years of investment experience working with high net worth individuals and institutional investors. The firm has its origins in a group of families and individuals that the founders have worked with for many years.
PR Contact:
Jennifer LeClaire
Self Storage Promotions
954.454.0072
jennifer@selfstoragepromotions.com
www.selfstoragepromotions.com
###
Contact
JSM Venture LLC
Jennifer LeClaire
954.454.0072
Jennifer LeClaire
954.454.0072
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