{"id":1004282546,"date":"2018-11-29T11:24:56","date_gmt":"2018-11-29T19:24:56","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004282546"},"modified":"2022-12-08T23:08:23","modified_gmt":"2022-12-09T07:08:23","slug":"jll-secures-financing-for-houston-facility","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/jll-secures-financing-for-houston-facility\/","title":{"rendered":"JLL Secures Financing for Houston Facility"},"content":{"rendered":"<p>By Evelyn Jozsa<\/p>\n<div id=\"attachment_1004282549\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004282549\" data-attachment-id=\"1004282549\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/jll-secures-financing-for-houston-facility\/beltway-8-self-storage\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"10411 Westheimer Road\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;10411 Westheimer Road&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg?w=800\" class=\"wp-image-1004282549 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg\" alt=\"\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/11\/BELTWAY-8-SELF-STORAGE.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004282549\" class=\"wp-caption-text\">10411 Westheimer Road<\/p><\/div>\n<p>JLL has secured a floating rate construction loan for the development of a 1,311-unit, Class A self storage property in Houston. The company secured the loan on behalf of Central Southwest Texas Development LLC.<\/p>\n<p>The new five-story, 132,350-square-foot storage development will be located in Houston\u2019s Westchase submarket at 10411 Westheimer Road, just off Freeway 8 and near interstates 10 and 69, around 15 miles from downtown Houston. The area is densely populated, with more than 180 residential properties encompassing approximately 56,800 units situated within a three-mile radius, according to Yardi Matrix data. The average annual household income in the area is around $91,300.<\/p>\n<p><em>\u201cSelf storage has proven itself to be a defensive asset class that remains stable through economic cycles,\u201d<\/em> said Griffin Guthneck, senior vice president at JLL. <em>\u201cThere is still quite a bit of demand for quality self-storage product and capital is available to well-located, institutional-quality projects.\u201d<\/em><\/p>\n<p>JLL\u2019s team included Guthneck and Vice President CW Sheehan. In October, JLL also arranged the sale of a <a href=\"https:\/\/www.commercialsearch.com\/news\/two-state-self-storage-portfolio-changes-hands\/\">two-state self storage portfolio<\/a>&nbsp;comprising a facility in Houston and one in Los Angeles.<\/p>\n<p><em>Image courtesy of JLL<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Central Southwest Texas Development received the loan for the construction of a 132,350-square-foot self storage development in Houston\u2019s Westchase submarket.<\/p>\n","protected":false},"author":871,"featured_media":1004282549,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21825,1589,21742],"tags":[43202,32796],"class_list":["post-1004282546","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance","category-houston","category-latest","tag-central-southwest-texas-development","tag-jll"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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