CBRE brokered the sale of a 1,041-unit self-storage facility at 5656 North Interstate 35 in Austin.
CBRE’s Self Storage Advisory Group represented the seller, global investment company KKR, in the transaction. The buyer is Dallas-based Baranof Holdings, both a developer and long-term investor in self-storage.
The property, managed by CubeSmart Self Storage, has 100,417 square feet of net rentable space, is climate controlled, and has 24-hour video surveillance. Its location is directly off the I-35 freeway, providing visibility to approximately 227,00 vehicles daily, and sits directly across from the Capital Plaza Shopping Center, as well as a less than 10 minute drive from the University of Texas at Austin. The facility was approximately 90% occupied at the time of sale.
The total population within a five-mile radius of CubeSmart is approximately 359,000, with the three- to five-mile average household income ranging from $102,563 to $114,379. According to CBRE Research, approximately 75% of the state’s population is within the Austin region.