AUSTIN, Texas, October 15, 2020 – JLL Capital Markets announced today that it has arranged financing for the acquisition of a newly constructed 1,152-unit, CubeSmart-branded self-storage facility in Austin, Texas.
JLL worked on behalf of the borrower, South California-based Greens Global, to place the five-year, fixed-rate loan with Happy State Bank. Greens Global purchased the asset from CSW Development in an off-market transaction initiated by the borrower.
Completed in September 2019, the 110,505-square-foot building houses all climate-controlled units along with retail and office space for operations. The five-story property is outfitted with modern security features. Located at 8023 W. Parmer Lane in the northern part of Austin, the facility is surrounded by a growing population of nearly 90,000 residents within a three-mile radius. Additionally, the property is immediately adjacent to hundreds of multi-housing units and single-family homes.
The JLL Capital Markets Debt Placement team representing the borrower was led by Senior Director CW Sheehan and Analyst Alastair Barnes
“The acquisition of the CubeSmart on Parmer Lane is a great first asset in Austin for Greens Global and is an expansion of their self-storage portfolio from California,” Sheehan said. “The asset is located on a heavily trafficked corridor with great visibility just a stone’s throw from the new tech campus and across from Robinson Ranch.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion in 2019, operations in over 80 countries and a global workforce of nearly 93,000 as of June 30, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Greens Global
Greens Global is a privately held company focused on the development, acquisition and management of self-storage, retail, healthcare and hospitality investments. Proudly family owned and operated since 1958, the company’s rich history coupled with its knowledge of today’s ever-changing demands has enabled Greens Global to deliver a high level of service, growth and success to its stakeholders, investors, employees and customers. Based out of Southern California, Greens Global has distinguished itself as a leader in real estate development, management and operations. This year, Greens Global is celebrating 62 years in business and continues to move forward with its mission and guiding principles.
About CSW Development
Central Southwest Texas Development, LLC is a commercial real estate development and investment company based in Austin, Texas, with more than 90 years of combined experience, including the development of over 100 real estate projects in Texas, Louisiana and New York.