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Self-Storage REIT CubeSmart Acquires Dies Ranch Storage in Cedar Park, TX

CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm, has acquired Dies Ranch Storage in Cedar Park, a suburb of Austin, Texas. The seller was Vision 360 Development, a Dallas-based architect and interior-design studio.

April 19, 2016

1 Min Read
Self-Storage REIT CubeSmart Acquires Dies Ranch Storage in Cedar Park, TX

CubeSmart, a publicly traded self-storage real estate investment trust and third-party management firm, has acquired Dies Ranch Storage in Cedar Park, a suburb of Austin, Texas. The seller was Vision 360 Development, a Dallas-based architect and interior-design studio.

Built in 2014, the property at 2501 Dies Ranch Road is near the intersection of Anderson Mill and Dies Ranch Roads. It includes 15 single-story buildings, with a net rentable area of 89,600 square feet of storage space in 523 climate-controlled and drive-up units. Security features include electronic access, perimeter fencing and video cameras. The facility also includes a retail store that sells moving and packing supplies.

Vision 360 built the storage property as an alternative to homes originally planned for the 7.5-acre site. The developer wasn’t able to get the utility connections it needed for a residential development and faced opposition from residents of nearby housing subdivisions. The property was previously managed by Blue Llama Storage, which builds, owns and manages self-storage facilities throughout Texas.

Steve Mellon and Brian Somoza, managing directors for JLL Capital Markets, represented the seller in the transaction. “This new construction offering provided investors with an opportunity to acquire a self-storage facility with excellent exposure in a major suburb of Austin and strong surrounding demographics,” Mellon said.

CubeSmart owns or manages 703 self-storage facilities across the United States. Its operating portfolio comprises more than 44.8 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.

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