JLL completes sale of McAllen, Texas self-storage facility

DALLAS, Dec. 19, 2024 – JLL Capital Markets announced today that it has 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.

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 sales and advisory, debt advisory, equity advisory or a recapitalization. The group has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

For more news, videos and research resources, please visit JLL’s newsroom.

Bakke Development Corp. has developed more than 1,000,000 square feet of self-storage space, more than 1,500 multifamily units, 250,000 square feet of retail, and more than 30,000 square feet of office space, amounting to more than $325,000,000 in capitalized projects. Established in 1996 in San Antonio, Bakke focuses exclusively on Texas. For more information, visit bakkedevcorp.com.

Founded in 1963 and based in Atlanta, Georgia, BCDC is a wholly-owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States, Texas and other select markets. Learn more by visiting batsoncookdev.com.

Reframe Holdings is a commercial real estate investment owner, manager and sponsor focused on scaling portfolios of self-storage and industrial assets in the top MSAs across the U.S., with a focus on the Mid-Atlantic and Sunbelt regions. To learn more, please visit: reframeholdings.com.  

Extra Space Storage Inc., headquartered in Salt Lake City, Utah, is a fully integrated, self-administered and self-managed real estate investment trust, and a member of the S&P 500.  As of September 30, 2024, the Company owned and/or operated 3,862 self-storage properties, which comprise approximately 2.7 million units and approximately 296.0 million square feet of rentable storage space operating under the Extra Space brand. The Company offers customers a wide selection of conveniently located and secure storage units across the country, including boat storage, RV storage and business storage. It is the largest operator of self-storage properties in the United States.