JLL Capital Markets has closed the sale of a 1,252-unit self-storage facility at 2500 Lone Star Dr. in Dallas.
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.
