Texas-based SurePoint Self Storage expects to break ground this month on a development in Pearland, Texas. The facility at 3200 Kirby Drive, west of Highway 288, will comprise 91,950 square feet in 726 traditional and climate-controlled units. The company targeted the Houston suburb, which nearly doubled in population between 2000 and 2015, because of a lack of climate-controlled storage in the area, according to the source.
To build the property, SurePoint secured a five-year, floating-rate construction loan from a regional bank. It was represented in the financial deal by JLL Capital Markets, a commercial real estate and finance firm. “The merits of this project are supported by the sponsor’s experience [in] identifying sites in undersupplied markets, leading to stabilization in short periods of time,” said Griffin Guthneck, senior vice president at JLL, in a released statement. “The quality of the sponsor, along with the strong demand in the market for self-storage, made this a prime lending opportunity.”
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $136 billion in finance transactions and sales acquisitions around the world. The firm’s Capital Markets team comprises more than 2,000 specialists globally.
SurePoint is owned by developers Jeff Bailey, Brian Cisarik and Robert Loeb. Cisarik and Loeb have been active in the San Antonio self-storage market since 2001. The developers operate seven facilities in Texas. The company purchased a development property outside of Texas for the first time last year in Kansas City, Mo.