JLL’s Capital Markets experts today announced the firm has completed the sale of All Stor Self Storage located at 4900 FM 620 in Austin, Texas. CubeSmart, a Pennsylvania-based REIT, purchased the property.
Managing Directors Steve Mellon and Brian Somoza represented the seller, Endeavor Real Estate Group, in the transaction.
“Located approximately 10 miles northwest of downtown Austin, the site is well-positioned to benefit from the projected population growth of the area,” said Mellon. “The property is prominently displayed along Austin’s heavily travelled FM 620 and is adjacent to a Randall’s grocery-anchored shopping center, as well as Steiner Ranch, a 4,600 acre master-planned community. These factors provide the facility with excellent exposure in an area that generates significant traffic from strong surrounding demographics.”
The property opened in April 2015 and is comprised of one three-story building with a total net rentable area of approximately 61,400 square feet. Consisting of 583 climate controlled units and seven non-climate controlled units, the facility features electronic access control, drive-up units, video surveillance and a retail-oriented customer service office. The property’s state-of-the-art design and modern amenities embody a growing trend in self storage of developing storage facilities that are not only functional but visually appealing.
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 a sale, financing, reposition, advisory or recapitalization execution. In 2015 alone, JLL Capital Markets completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
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JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $5.2 billion and gross revenue of $6.0 billion, JLL has more than 280 corporate offices, operates in more than 80 countries and has a global workforce of more than 60,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 4.0 billion square feet, or 372 million square meters, and completed $138 billion in sales, acquisitions and finance transactions in 2015. Its investment management business, LaSalle Investment Management, has $58.3 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.