News release

JLL acted as exclusive financial advisor to Clear Sky Capital in forming a strategic venture focused on further scaling its self-storage platform

JLL also sourced permanent and construction financing for the recapitalization of the venture’s initial seed portfolio

January 11, 2023

Kristen Murphy

Capital Markets, Hotels & Hospitality and Value & Risk Advisory PR
+1 617 848 1572

NEW YORK, Jan. 11, 2023 – JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (“Clear Sky”). 

The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through Enterprise Bank.

The portfolio consists of The Collective Self-Storage in Phoenix and The Collective Self-Storage in Laveen Village, Arizona, which were completed in 2022 and are in lease-up. Vista Self-Storage in Vista, California is currently under construction and due for completion in 2024. All three assets provide the latest generation, climate-controlled self-storage product in supply constrained markets with favorable demographics.

The new venture will seek to scale the platform with growth equity committed by strategic investors focused on amassing a high-quality, infill self-storage portfolio through development and value-add acquisitions throughout the western United States.

“This is an important transaction for us as we continue to scale our business, and together with JLL, we were able to find a group of market-leading institutional capital partners that share our vision and bring valuable expertise and perspective,” said Chris Herthel, Chief Operating Officer of Clear Sky, who led the transaction, “We very much look forward to the road ahead with them.”

The JLL Capital Markets team representing Clear Sky was led by Executive Managing Director Kevin MacKenzie, Managing Director Sher Hafeez, Director Jason Carlos and Senior Managing Directors Steve Mellon and Brian Somoza.

“We are excited to have represented Clear Sky on this strategic growth initiative,” Mackenzie said. “The parties’ ability to navigate the current equity and debt capital markets to form this significant venture is indicative of the strength of Clear Sky’s platform and the commitment of the new partnership.”

“This is a tremendous outcome for Clear Sky, best-in-class self-storage owner, operator and developer to form a strategic relationship with like-minded investors,” Hafeez added. “The partnership’s significant commitment to the self-storage sector and long-term ownership mentality is a testament to the continued attractiveness of the asset class.”

JLL’s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                          

About JLL

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 $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Clear Sky Capital

Founded in 2009, Clear Sky Capital is a real estate operating company and fund manager, headquartered in Phoenix with offices in Los Angeles and London, and specializing in the acquisition, development, and management of investments across self-storage, manufactured housing, multifamily, and express car wash sectors, each functioning as a distinct operating platform. Since inception, Clear Sky Capital has acquired or developed in excess of $1.3 billion in assets across the United States and the United Kingdom.