CubeSmart, a self-storage real estate investment trust (REIT) and third-party management firm, has purchased All Stor Self Storage in Austin, Texas. The seller was Endeavor Real Estate Group, an Austin-based, privately owned business focused on the acquisition and development of self-storage facilities as well as industrial, mixed-use, multi-family, office and retail properties.
The property at 4900 FM 620 is about 10 miles northwest of the downtown area. Opened in April 2015, the three-story building comprises 61,400 square feet of storage space in 583 units. All but seven of the units offer climate control, according to a press release from JLL Capital Markets, the commercial finance and real estate firm that helped broker the deal. The facility also includes drive-up units, electronic access control, video cameras, and a retail-oriented customer-service office.
JLL Managing Directors Steve Mellon and Brian Somoza represented the seller in the transaction. “The property is prominently displayed along Austin’s heavily travelled FM 620 and adjacent to a Randall’s grocery-anchored shopping center as well as Steiner Ranch, a 4,600-acre master-planned community,” Mellon said. “These factors provide the facility with excellent exposure in an area that generates significant traffic from strong surrounding demographics.”
CubeSmart owns or manages 708 self-storage facilities across the United States. Its operating portfolio comprises 47.3 million square feet.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists globally.