CSW Development Sells Austin Storage Asset
- Oct 16, 2020
Greens Global has completed the acquisition of CubeSmart-managed self storage property spanning 110,505 square feet in Austin, Texas. CSW Development sold the asset in an off-market transaction initiated by the buyer.
The new owner financed the purchase with a $9.2 million loan from Happy State Bank, according to Williamson County records. The note carries a fixed interest rate and is set to mature in 2025. JLL Capital Markets Senior Director CW Sheehan and Analyst Alastair Barnes secured the financing package.
Located on 4 acres at 8023 W. Parmer Lane, the five-story building was completed in September 2019. The facility features 1,152 all climate-controlled units ranging from 15 square feet to 250 square feet. The store has 24/7 video monitoring and sells moving supplies.
Approximately 90,000 people live within a 3-mile radius of the property, according to JLL data. Moreover, there are at least 16 other self storage facilities totaling 994,078 square feet within the same distance range, Yardi Matrix shows. The site is 19 miles north of downtown Austin.
In September, another JLL brokerage team arranged the $14.8 million sale of a 1,200-unit self storage portfolio in Murfreesboro, Tenn. Reliant Real Estate Management acquired the two properties from Wasatch Storage Partners.