PACE Equity and Lone Star PACE closed $2.4 million in C-PACE financing for a medical office building north of Dallas.

The 57,000-square-foot Independence Medical Center, located at 5501 Independence Parkway in Plano, Texas, will undergo a series of renovations funded by C-PACE. Planned upgrades include a full HVAC replacement, modernized common areas, and the installation of 56 covered parking spaces topped with solar-paneled rooftops.

C-PACE funded improvements are expected to result in roughly $664,000 in projected utility

savings over the assessment’s 30-year financing term.

 JLL Capital Markets secured construction financing for 635 Exchange, a Class-A industrial development totaling 595,688 square feet across three buildings in Dallas, Texas.

JLL represented the borrower, a joint venture between Creation Equity and PGIM Real Estate, to secure the financing through a 50/50 syndication between Veritex Bank and Comerica Bank.

The 635 Exchange development occupies a 36.27-acre site at the corner of Interstate 635, the vital loop around Dallas, and Interstate 35E, a crucial north-south artery connecting Texas from Laredo to the Minnesota border. This strategic positioning provides tenants with swift access to more than 7.8 million consumers within a 60-minute drive and a rich talent pool of 2.6 million workers within a 30-minute commute. The development is also less than 20 minutes from Dallas-Fort Worth International Airport and Dallas Love Field, further enhancing air freight capabilities for potential tenants.

Scheduled for completion in October 2026, the industrial park comprises three rear-loading distribution buildings of 144,216 square feet, 208,000 square feet and 243,472 square feet with clear heights of 32 to 36 feet and truck courts ranging from 130 to 185 feet. Additionally, the development features 100 dock doors, six drive-in bays, 498 car parking spaces and 132 trailer parking spots across the three structures.

The JLL Capital Markets Debt Advisory team was led by Managing Director Greg Napper, Associate Luke Rogers and Analyst Charlie Mossy.

The record-setting days of the pandemic era might be over, but the nation’s self-storage market remains a strong one.

That’s the highlight from Cushman & Wakefield’s first-half 2025 Self Storage Market Report, a report that shows a sector adjusting to normalized transaction volumes, stable capitalization rates, and moderated rent growth after the record-setting activity of the pandemic era.

Total transaction volume reached $2.85 billion in the first half of 2025, less than 1% higher than the same period in 2023 and consistent with pre-pandemic trends. Between 2020 and 2022, self storage investment surged to nearly $50 billion, far exceeding the $35 billion transacted in the seven years prior.

“Investor interest in self storage remains strong, even as the market moves into a steadier cycle,” said Tim Garey, Managing Director and Practice Group Leader, Self Storage at Cushman & Wakefield. “Valuations have moderated, but long-term fundamentals and demand drivers continue to underpin confidence in the sector.”

Key findings from the report include:

• Valuations: After peaking at $174 per square foot in Q1 2023, valuations declined for six consecutive quarters to an average of $159 psf in Q2 2025, down 12 percent from peak levels.
• Capitalization Rates: Self storage cap rates averaged 5.8 percent over the past six quarters, with Class A assets ranging from 5.0–5.5 percent and Class B ranging from 5.5–6.5 percent.
• Occupancy: National occupancy has held steady at around 90 percent since 2023, with regional variations between 89 and 92 percent.
• Rents: Asking rents, which reached a peak of $134 psf in Q3 2022, have since ranged between $124 and $132 psf, averaging $127 psf. In Q2 2025, the Pacific and Northeast subregions posted the highest averages at $193 psf and $154 psf, respectively.
• Construction: Elevated costs, potential tariffs on materials, and tight debt liquidity have slowed development, with more projects placed on hold in Q2 2025.
• Investor Sentiment: In Cushman & Wakefield’s survey of industry leaders, 56 percent expect little to no change in cap rates over the next 12 months. While 39 percent cited the housing market as the top concern, nearly two-thirds of investors plan to be net buyers over the next year.

“While market conditions have normalized, the appetite for self-storage remains resilient,” added Garey. “Investors are increasingly targeting secondary markets and value-add opportunities, positioning the sector for steady activity into 2026.”