Update 2/13/18 – Farragut has sold its environmentally friendly self-storage facility on Ben White Boulevard to an unidentified buyer. The property received a four-star rating from AEGB and has been submitted for Leadership in Energy and Environmental Design (LEED) certification from the U.S. Green Building Council. It comprises 951 units, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that helped broker the deal.
The facility is in a growing area southeast of Austin. More than 35,000 residential units are planned or proposed within a five-mile radius of the property. The site is positioned near Highway 71 and visible to approximately 93,000 vehicles per day, the release stated.
“This property is at the forefront of self-storage design and construction,” said Brian Somoza, managing director at JLL. “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.”
CubeSmart will continue to manage the facility.
Somoza and fellow managing director Steve Mellon represented the seller in the transaction.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $145 billion in investment sale and debt and equity transactions globally in 2016. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
3/24/16 – Real estate investment firm Farragut Investments Inc. has developed a “net-zero energy” self-storage facility in Austin, Texas, that generates more solar energy than it consumes. The 77,000-square-foot facility at 6130 E. Ben White Blvd. opened on March 22 and is managed by self-storage real estate investment trust CubeSmart. Farragut worked closely with the Austin Energy Green Building (AEGB) program to incorporate energy, material-conservation and water strategies to minimize the facility’s environmental impact, according to a press release.
To reach net-zero status, the facility uses a large, solar-photovoltaic array; geothermal heating and cooling systems; geothermal wells; three rainwater towers; and a regenerative drive elevator, which generates electricity from elevator movement, the release stated. A second storage building is slated for 2017, which is expected to make the complex net-zero in energy balance between production and demand.
Farragut is working with AEGB to achieve a four-star rating. The building is also subscribed to Austin Energy's GreenChoice program, which ensures that if the site needs to purchase additional power, the utility company will provide 100 percent Texas wind-generated energy rather than fossil-fuel-generated power, according to the release.
"We've worked diligently to ensure our facility is a positive addition to Austin by providing efficient features that serve the local community in many ways," said Robert Ruggles, vice president of development for Farragut. "Every inch of this project—from energy management to the preservation of green space for conservation, natural resources, native trees and landscaping—has been designed to give back to Austin and the environment."
In addition to its energy-efficient features, the facility is equipped with keypad entry, perimeter fencing, security monitoring and high-definition video cameras. It’s also carpeted to “enhance the customer experience.”
"This building is a valuable addition to our third-party management program and our Austin self-storage portfolio," said Guy Middlebrooks, vice president of third-party management for CubeSmart. "This new state-of-the-art facility allows us to serve environmentally conscious Austin customers with a convenient location that is easily accessible to most downtown and South and East Austin residents."
CubeSmart now operates 20 self-storage facilities in the Austin area. It owns or manages 703 self-storage facilities across the United States. Its operating portfolio comprises more than 44.8 million square feet.
Based in Illinois, Farragut is a privately owned company that invests in real estate and “alternative investments,” according to the release. The company’s principals have been involved in 87 transactions worth $8 billion since the firm was founded in 1990.
Marketwired, CubeSmart Introduces Austin's First 'Net Zero Energy' Self-Storage Facility