A JLL team represented the seller and procured the buyer.
Extra Space Storage Inc. has acquired Yellow Door Storage – Northgate, a 520-unit self storage facility in Denton, Texas, from NorthBridge Realty Holdings. JLL represented the seller and procured the buyer.
The self storage facility is currently subject to a $5.3 million construction loan originated by Washington Federal Bank in 2021, according to Yardi Matrix information.
JLL Capital Markets Managing Directors Steve Mellon and Brian Somoza, together with Directors Adam Roossien and Matthew Wheeler, worked on behalf of the NorthBridge in securing the deal.
Yellow Door Storage – Northgate, up close
The 65,600-rentable-square-foot facility came online in 2022 at 3020 E. Sherman Drive. Unit sizes range from 25 to 300 square feet. The gated property featuring ground-floor climate-controlled units, drive-up units and 24-hour video surveillance was 55.8 percent occupied at the time of sale.
Yellow Door Storage – Northgate is some 4 miles north of University of North Texas and 2 miles of Texas Woman’s University. The facility is one of seven available within a 3-mile radius, offering residents 10.45 rentable square feet per capita.
As of last month, there were eight self storage properties under construction in the Suburban Dallas submarket, set to add 668,127 rentable square feet to inventory, Yardi Matrix data shows.
Dallas-Fort Worth is one of the top 10 U.S. markets dominated by self storage REITs such as Extra Space Storage, according to the same data provider. The Metroplex boasted the largest rentable inventory as of October, totaling some 81.1 million square feet. However, the market occupied only the ninth position in the ranking as the REIT-owned inventory represented only 45.5 percent of the total.
