JLL Capital Markets arranged the construction financing for the 98,310-square-foot, to-be-built facility located at 16136 N. Pima Rd.
PHOENIX, (March 1, 2024) – JLL Capital Markets announced today that it has arranged the $17.5 million construction financing for a to-be-built, Class A, self-storage facility in Scottsdale, Arizona.
JLL worked on behalf of the borrower, Clear Sky Capital, to secure a loan through Enterprise Bank and Trust.
With an anticipated completion of Q3 of 2025, the four-story, institutional-quality facility will include 1,051 climate-controlled self-storage units and 15 luxury collector car/recreational vehicle storage spaces. It will also offer a state-of-the-art security system, including exterior surveillance.
Situated at 16136 N. Pima Road, the site offers prominent visibility from the 101 Freeway and its approximately 112,000 vehicles per day. The project is located less than three miles from the Scottsdale Quarter and Kierland Commons and over 450,000 square feet of Class A retail. The facility will benefit from Scottsdale’s current population of approximately 252,000, average household income of $142,154, and more than nine million visitors annually. In addition, there are zero self-storage projects in the development pipeline within a five-mile radius.
Executive Managing Director Kevin Mackenzie and Senior Director Jason Carlos led the JLL Capital Markets Debt Advisory team representing the borrower.
“Financing self-storage construction has become increasingly challenging as a real estate alternative in recent years. In today's ever-changing landscape, success hinges on the partnership between a capable developer armed with the right tools and connections and an experienced lending partner who possesses comprehensive market knowledge and understanding,” said Carlos.