DXC Capital breaks ground on new 48,720 SF Self Storage facility in Kihei, Maui, Hawaii

New Class A storage facility in the Maui Research & Technology Park
 in Kihei, Maui, Hawaii

 

KIHEI, HI—DXD Capital, a self-storage private equity investor, announced the groundbreaking for a new Class A storage facility in Kihei, HI.

 Once constructed, the facility will have 357 individual storage units totaling 45,863 net rentable square feet located in the Maui Research & Technology Park in Kihei.

 It will feature drive-up non-climate-controlled units designed to be especially helpful to the commercial customer base on Maui. The facility is expected to open in the first quarter of 2025.

RYCON will serve as the general contractor, and American Savings Bank was the construction lender. Extra Space will manage this facility.

The property was acquired in April 2023 through DXD’s second fund, DXD Self Storage Fund II, which launched in June 2022 and has since invested in seven self storage developments and one seven-facility portfolio acquisition across the United States.

Drew Dolan

"DXD was offered the chance to construct self storage facilities on Maui through a local connection,” said Drew Dolan, Principal and Fund Manager. "For me, this opportunity represents a career highlight—a chance to be part of the booming Maui Research and Tech Park, which has excellent fundamentals for self storage and extreme barriers to entry.

 

CONTACT

David Ebeling

Ebeling Communications

949.861.8351

949.278.7851 (Cell)

david@ebelingcomm.com

Member of the National Association of Real Estate Editors (NAREE)

“PR Strategist for the Commercial Real Estate Industry:  I do what I love and love what I do.”

JLL Capital Markets led the sales efforts for the 1,085-unit Cherry Ave Self Storage in Fresno, California

                Cherry Ave Self Storage, a 1,085-unit 

                self-storage facility  located on

                5.74 acres at 1844 Sourh Cherry 

                 Avenue in Fresno, CA

        

                                   

 

SAN FRANCISCO, CA – JLL Capital Markets has completed the $8.2 million sale of Cherry Ave Self Storage, a 1,085-unit self-storage facility in Fresno, California.

 

JLL represented the public REIT seller and procured the buyer, PSC Fresno, LLC, an affiliate of Pratt Street Capital, LLC.

 

Cherry Ave Self Storage is located on 5.74 acres at 1844 S Cherry Ave., less than one mile south of downtown Fresno. The property has excellent visibility from State Route 41 with more than 91,000 vehicles traveling the roadway per day.

 

 In addition, the facility is located within an underserved market for self-storage with only three feet of storage space per person within a three-mile radius.

                                       Brian Somoza

 

Originally built in 1918 and expanded in 2022, Cherry Ave Self Storage consists of a three-story building and 12 one-story buildings. The facility features drive-up units, freight elevators and boat and RV parking. There is also a newly renovated office totaling 262 square feet.

 

The JLL Capital Markets Investment Sales and Advisory team representing the seller was led by Managing Director Brian Somoza.

 

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

 Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.                                         

 

CONTACT:

 

Kristen Murphy

Director, Public Relations

JLL

One Post Office Square, Suite 1100

Boston, MA 02109

 

prattstreetcapital.com.

 

 

 

 

 prattstreetcapital.com.

 

 

 

Azenco Outdoor Acquired by Hunter Douglas Inc.

 

 Leslie Chapus

Miami, FL – Luxury outdoor living brand Azenco Outdoor is pleased to announce that it has been acquired by the widely known leader in the window covering industry, Hunter Douglas, Inc. 

 The transaction closed this month will help Azenco Outdoor to establish a stronger local presence with vendors nationwide and new manufacturing locations. Financial details of the deal were not disclosed.

Azenco Outdoor designs and manufactures an award-winning range of innovative bioclimatic pergolas, cabanas, carports, and swimming pool covers, that elegantly complement any architectural style and optimize every residential or commercial outdoor space.

“Hunter Douglas approached us when they found a complementary synergy with our products and desire to add sophisticated and sustainable pergolas and cabanas to their portfolio," remarked Leslie Chapus, Azenco’s VP and Co-Founder.

 

CONTACT:

 henri@escalconsulting.com

 

 

JLL expands its Texas Industrial Investment Sales and Advisory team in Austin and San Antonio

 

Witt Westbrook 

AUSTIN, TX –  JLL Capital Markets announced  Witt Westbrook and Kyle Mueller have joined its Industrial Investment Sales and Advisory team as Senior Directors focusing on the Central Texas region and broader Texas markets. 

Westbrook joins the Austin office and Mueller sits in the San Antonio office and both Senior Directors will report directly to Senior Managing Directors Doug Opalka and Robert Wooten.

 

Westbrook brings five years of industry experience, most recently serving as Managing Director at Transwestern. Mueller has been with JLL for over eight years and moved over from the Industrial leasing team to join Capital Markets.

Kyle Mueller 

JLL’s Industrial group co-lead and Senior Managing Director Trent Agnew sits in the firm’s Houston office and will provide oversight and leadership alongside Wooten and Opalka for this expansion of “Team Texas” in Austin and San Antonio.

 

“We are incredibly excited to bring on Witt and Kyle to strengthen our team in Central Texas and be a key component of JLL’s Texas Industrial capital markets team,” said Agnew. 

“Both bring forth a combination of capital markets and leasing expertise that give them a unique perspective on the market and will allow us to serve our client’s needs at the highest level. 

Trent Agnew 

"Their passion for all things industrial and team-oriented attitude will be great additions for JLL as we look to double down on the growth in the Texas markets that we expect to occur in the coming years. “

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm'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 firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

Doug Opalka

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

  

 

Contact:

 

Alli Stent

PR, Hotels & Hospitality

 Capital Markets 

Chicago | JLL

M +1 330 329 6750 

CBRE Expects RevPAR Growth to Improve in H2 2024, Driven by Holiday and International Travel

  

 Rachael Rothman

Dallas, TX, May 16, 2024 – CBRE expects revenue per available room (RevPAR) growth to improve in the second half of 2024, following a weaker-than-expected first quarter.

 CBRE’s latest forecast projects a 2.0% increase in RevPAR growth for 2024, down from the 3.0% estimated in February 2024. RevPAR is now expected to grow by 3% for the remainder of the year, driven by international tourists, holiday travel and limited supply growth.

 

CBRE forecasts GDP growth of 2.3% and average inflation of 3.2% in 2024. The performance of the lodging industry is closely tied to the strength of the economy, as there is typically a strong correlation between GDP and RevPAR growth.

 

“We anticipate modest growth over the next few quarters, supported by a continued uptick in visitors from overseas and election-related events, such as political party conventions,” said Rachael Rothman, CBRE’s Head of Hotel Research & Data Analytics.

CBRE remains optimistic that RevPAR will achieve a nominal record of $101.20 this year, representing 115% of pre-pandemic levels in 2019. This outlook is based on projected average daily rate (ADR) growth of 1.7% and a 0.2% increase in occupancy.

Michael Nhu

“Slower RevPAR growth reflects softer demand, stickier inflation and high interest rates,” said Michael Nhu, Senior Economist and CBRE’s Head of Global Hotels Forecasting.

 

 “People have already spent a significant portion of their pandemic-era savings, and on top of that, the lingering inflationary pressures are putting a strain on discretionary spending, especially for more price-sensitive consumers."

 

CBRE expects muted supply growth in the medium term due to elevated financing and construction costs. For 2024, CBRE expects supply growth of just under 1%, with hotel supply projected to have a compound annual growth rate (CAGR) of 0.9% over the next three years.

The May 2024 edition of Hotel Horizons for the U.S. lodging industry, 65 major markets, the six hotel chain scales and six location types can be purchased by visiting: https://pip.cbrehotels.com/hotelhorizons. CBRE’s baseline forecasts do not contemplate an international war or a pervasive recession. CBRE also produces forecasts based on upside and downside scenarios.

  

Contacts:

 

Chris Daly

President

DG Public Relations

 

(703) 864-5553

chris@dalygray.com

www.dalygray.com

 

Cole Mortland

+1 619 985 8171

cole.mortland@cbre.com

www.cbre.com.

 

 

JLL Capital Markets led the $108 million financing effort on behalf of Hines and Trez Capital for a 13-property self-storage portfolio in the Dallas-Fort Worth Metroplex

  

 Robb DeJean

DALLAS, TX - JLL Capital Markets has arranged a $108 million financing with New York Life Real Estate Investors for a 13-property, self-storage portfolio located throughout the Dallas-Fort Worth Metroplex.

 On behalf of the borrower, a joint venture between Hines and Trez Capital, JLL Capital Markets arranged the five-year, fixed-rate loan through New York Life Real Estate Investors, who was able to provide an early rate lock, interest-only payments, and prepayment flexibility early in the loan term.

 

“This transaction marks a key milestone for our self-storage platform, reflecting our strategy to deliver Class A, accessible storage solutions in high barrier markets,” stated Robb DeJean, Managing Director at Hines.

 

John Hutchinson

 “We are excited to expand Hines’ longstanding relationship with New York Life Real Estate Investors and want to thank all parties involved, including JLL who led these efforts.”

 

"Our strategic partnership with Hines in our self-storage portfolio has yielded a remarkable investment opportunity,"  said John Hutchinson, Co-CEO and Global Head of Origination at Trez Capital.

 

 "Partner selection is critical at Trez Capital, and by leveraging Hines' industry expertise, and the attractive long-term financing provided by New York Life Real Estate Investors, we have delivered exceptional value to our investors with this transaction.” 

John Bauman

The JLL Capital Markets Debt Advisory team representing Hines included Director John Bauman and Analyst Jordan Buck.

Jordan Buck

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm'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 firm 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.

 

Contact:

 Kristen Murphy,

JLL Director,

Public Relations

Phone: +1 617 543 4873

Email: Kristen.Murphy@jll.com

 

jll.com.

www.hines.com 

www.trezcapital.com.