Self-storage facility along I-30 in West Dallas trades in recent sale
JLL Capital Markets led the sales efforts for the 1,252-unit property
HOUSTON, Oct. 17, 2022 – JLL Capital Markets announced today that it has closed the sale of a 1,252-unit self-storage facility at 2500 Lone Star Dr. in Dallas, Texas.
JLL represented the seller, CSW Development out of Austin, Texas, and procured the buyer, Madison Capital.
The property, which will be rebranded under the Go Store It brand, offers 117,503 rentable square feet that is currently 50% occupied. The three-story, Class A facility is climate-controlled throughout and has a 24-hour video surveillance system. In addition to the storage space, the property has a 1,000-square-foot office and a bike storage area.
2500 Lone Star Dr. is located just west of downtown Dallas and directly off Interstate 30, providing visibility to more than 150,000 vehicles per day. The immediate area surrounding the property has witnessed an abundance of residential and commercial developments in the last few years bringing the population within a three-mile radius to 130,607 residents. In addition, approximately 1,000 additional multifamily units are planned for delivery within the near future.
The JLL Capital Markets Investment Sales and Advisory team that represented the seller was led by Managing Directors Brian Somoza and Steve Mellon, Directors Matthew Wheeler and Adam Roossien and Analyst Jake Kinnear.
“Self-storage continues to draw a tremendous amount of investor interest, particular in the thriving Dallas Fort Worth metro, which has seen a population increase of more than 20% from 2010 to 2020, outpacing the national average,” Mellon noted.
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 and 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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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 June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
CSW Development out of Austin, TX
CSW Development out of Austin, TX is a privately-owned, entrepreneurial commercial real estate investment and development firm with a focused opportunistic strategy dedicated to generating asymmetric returns for its investors through the identification of niche opportunities in the multifamily, commercial, office and land sectors. Pairing its thorough knowledge of unique local market dynamics and careful understanding of the capital markets, CSW continues to create significant value for the firm and its clients. The CSW team has over 100 years of combined experience in the real estate industry. Since their inception in 2004, they have successfully completed more than 100 real estate development projects with a combined market value of over $1.2B million, including 5,500 multi-family units. CSW currently has over 20 projects under construction, under ownership, or in the design and entitlement phase, with a combined value of over $200 million.
About Madison Capital
Madison Capital is a leading real estate investment and operating company focused on creating exceptional opportunities in evolving markets.