JLL Brokers Sustainably Designed Self-Storage Sale
- Feb 20, 2018
JLL Capital Markets has arranged the sale of Ben White Self Storage, a 951-unit, Class A, sustainably designed facility in Austin. The company worked on behalf of the seller, Farragut Investments Inc. The facility will be operated and managed under the CubeSmart brand.
Ben White Self Storage is situated at 6310 E. Ben White Blvd., in the growing southeast submarket of Austin, along Highway 71, which provides exposure to nearly 93,000 vehicles per day. Additionally, more than 35,000 apartment units are proposed or planned within five miles of the facility.
Completed in 2017, the two three-story buildings occupy 2.5 acres and offer a total of 115,462 rentable square feet. The units range from 25-500 square feet and feature sustainably designed elements, such as solar panels; rainwater harvesting; a geothermal heating and air-conditioning system; energy-conserving mechanical, lighting and conveyance systems; and low-flow plumbing fixtures. Ben White Self Storage has received a four-star rating from the Austin Energy Green Building program and aims to achieve LEED certification.
Additional amenities of the property include perimeter fencing, electronic gate and building access control, 24-hour surveillance, oversized elevators, climate-controlled units and a retail-oriented customer service office.
“This property is at the forefront of self-storage design and construction,” said Brian Somoza, managing director at JLL, in prepared remarks. “The savings gained from the sustainable features of this property coupled with the high growth projections for the surrounding area should result in an excellent investment opportunity for the new owner.”
JLL Managing Directors Steve Mellon and Somoza represented the seller.
In November 2017, JLL secured a $52 million refinancing for a Space Mart self-storage portfolio in Pennsylvania and Richmond, Va., comprising 4,711 units.
Image courtesy of Yardi Matrix