JLL Capital Markets has arranged financing for the acquisition of a newly constructed 1,152-unit, CubeSmart-branded self storage facility in Austin.
JLL worked on behalf of the borrower, South California-based Greens Global, to place the five-year, fixed-rate loan with Happy State Bank. Greens Global purchased the asset from CSW Development in an off-market transaction initiated by the borrower.
Completed in September 2019, the 110,505-square-foot building houses all climate-controlled units along with retail and office space for operations. The five-story property is outfitted with modern security features. Located at 8023 W. Parmer Lane in the northern part of Austin, the facility is surrounded by a growing population of nearly 90,000 residents within a three-mile radius. Additionally, the property is immediately adjacent to hundreds of multi-housing units and single-family homes.
The JLL Capital Markets Debt Placement team representing the borrower was led by senior director C.W. Sheehan and analyst Alastair Barnes
“The acquisition of the CubeSmart on Parmer Lane is a great first asset in Austin for Greens Global and is an expansion of their self-storage portfolio from California,” Sheehan said. “The asset is located on a heavily trafficked corridor with great visibility and just a stone’s throw from the new tech campus and across from Robinson Ranch.”
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