JLL Capital Markets completed the sale of 301 Trenton Road, a recently delivered, 771-unit, Class-A self-storage facility in McAllen, Texas.
JLL’s Self Storage Capital Markets team represented the seller, Bakke Development Corporation and Batson-Cook Development Company (BCDC), and procured the buyer, Reframe Holdings (Reframe).
Opened in 2023, 301 Trenton Rd. is a fully climate-controlled facility comprised of 85,755 square feet of storage space. The three-story building has a management office, covered loading bay, wide-drive aisles and excellent ingress/egress. Reframe will retain Extra Space Storage as the manager of the facility. To finance its acquisition, Reframe utilized Extra Space’s bridge loan program.
The 2.82-acre site has frontage along a major five-lane thoroughfare and is positioned in one of the most affluent and densest areas of McAllen, with an average household income of more than $144,000 within a one-mile radius of the property and with a population of over 100,000 within a three-mile radius. McAllen, located along the U.S.-Mexico border, has exhibited rapid growth in recent years and the greater Rio Grande Valley area is anticipated to nearly double in population by 2045.
The JLL Self Storage Capital Markets team representing the seller was led by Directors Matthew Wheeler and Adam Roossien, Senior Managing Director Steve Mellon and Analyst Ben Pollack. Director John Bauman represented the buyer in sourcing acquisition financing.
