Clear Sky Capital Recapitalizes 2,900-Unit Storage Portfolio
JLL Capital Markets arranged the transaction for the three properties.
Clear Sky Capital sponsored an institutional formation of a strategic venture for the recapitalization of three self storage properties, totaling 2,900 units in Arizona and California.
JLL Capital Markets represented the company in the transaction and arranged two five-year, fixed-rate acquisition loans for the Arizona assets, as well as a construction loan for the California development.
According to Maricopa County records, The Collective Storage in Laveen Village, Ariz., was subject to an $8.5 million loan, provided by Enterprise Bank, while The Collective Storage in Phoenix was subject to a $13 million loan, originated by the same lender. Yardi Matrix data shows that both properties were subject to construction loans in 2020 of $5.3 million and $9.1 million, respectively, both provided by Glacier Bank.
As for the new development in Vista, Calif., located at 510 N. Ave., Enterprise Bank originated the construction loan of $21 million, San Diego County records show. The storage facility is slated for completion in 2024.
Yardi Matrix data shows that Clear Sky owns seven self storage properties in various markets, adding to a total of 836,047 square feet. Last year, the company sold a 79,800-square-foot facility to SmartStop, located in Sacramento, Calif.
The JLL Capital Markets team included Executive Managing Director Kevin MacKenzie, Managing Director Sher Hafeez, Director Jason Carlos and Senior Managing Directors Steve Mellon and Brian Somoza.
New Arizona storage facilities
The Collective Storage – Laveen is an 83,867-square-foot facility. The Class A property encompasses two buildings across 6.5 acres and offers climate-controlled units ranging from 25 to 400 square feet. The facility is located at 6725 W. Baseline Road, 13.8 miles from downtown Phoenix. The property is one of the two available within a 3-mile radius, offering residents 2.8 rentable square feet per capita.
The Collective Storage – Phoenix is a 125,940-square-foot facility. The Class A property encompasses two buildings across 2.7 acres and offers climate-controlled units ranging from 25 to 350 square feet. The facility is located at 2015 N. 16th St., only 2.8 miles from downtown Phoenix and has access to Interstate 10. The property is one of the 24 facilities available within a 3-mile radius, offering residents 9.7 rentable square feet per capita.
Both self storage assets include on-site amenities such as 24-hour video surveillance, gated and drive-up access and contactless renting.