High quality of life and affordability have boosted suburban Houston’s population, creating additional demand for quality self storage facilities. On behalf of SurePoint Self Storage, JLL’s Capital Markets experts today announced the firm secured financing for the construction of SurePoint’s newest development in the Houston suburb of Pearland, TX. A regional bank provided the five-year, non-recourse, floating-rate construction loan.
Senior Vice President Griffin Guthneck led the JLL team on the financing.
“The merits of this project are supported by the sponsor’s experience identifying sites in undersupplied markets, leading to stabilization in short periods of time,” said Guthneck. “The quality of the sponsor, along with the strong demand in the market for self storage, made this a prime lending opportunity.”
When finished, the 91,950 square feet of rentable space will offer 726 units of climate-controlled and nonclimate-controlled storage. The property is just west of Highway 288 near the intersection of Broadway and Kirby Drive. The Pearland submarket experienced nearly 100 percent population growth from 2000 to 2015, during which time there was very little construction of climate-controlled storage facilities.
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, repositioning, advisory or recapitalization execution. The firm’s Capital Markets team comprises more than 2,000 specialists, operating all over the globe.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At year-end 2016, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 77,000. As of December 31, 2016, LaSalle Investment Management has $60.1 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.