{"id":2975,"date":"2023-01-12T14:11:25","date_gmt":"2023-01-12T14:11:25","guid":{"rendered":"https:\/\/listselfstorage.com\/us\/industry-insights\/?p=2975"},"modified":"2023-01-12T14:11:25","modified_gmt":"2023-01-12T14:11:25","slug":"jll-acted-as-exclusive-financial-advisor-to-clear-sky-capital-in-forming-a-strategic-venture-focused-on-further-scaling-its-self-storage-platform","status":"publish","type":"post","link":"https:\/\/listselfstorage.com\/us\/industry-insights\/jll-acted-as-exclusive-financial-advisor-to-clear-sky-capital-in-forming-a-strategic-venture-focused-on-further-scaling-its-self-storage-platform\/","title":{"rendered":"JLL Acted as Exclusive Financial Advisor to Clear Sky Capital in Forming a Strategic Venture Focused on Further Scaling its Self Storage Platform"},"content":{"rendered":"


\nJLL also sourced permanent and construction financing for the recapitalization of the venture\u2019s initial seed portfolio.<\/span><\/span><\/span><\/p>\n

JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (\u201cClear Sky\u201d). <\/span><\/span><\/span><\/p>\n

The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through Enterprise Bank.<\/span><\/span><\/span><\/p>\n

The portfolio consists of The Collective Self-Storage in Phoenix and The Collective Self-Storage in Laveen Village, Arizona, which were completed in 2022 and are in lease-up. Vista Self-Storage in Vista, California is currently under construction and due for completion in 2024. All three assets provide the latest generation, climate-controlled self-storage product in supply-constrained markets with favorable demographics.<\/span><\/span><\/span><\/p>\n

The new venture will seek to scale the platform with growth equity committed by strategic investors focused on amassing a high-quality, infill self-storage portfolio through development and value-add acquisitions throughout the western United States.<\/span><\/span><\/span><\/p>\n

\u201cThis is an important transaction for us as we continue to scale our business, and together with JLL, we were able to find a group of market-leading institutional capital partners that share our vision and bring valuable expertise and perspective,\u201d said Chris Herthel, Chief Operating Officer of Clear Sky, who led the transaction, \u201cWe very much look forward to the road ahead with them.\u201d<\/span><\/span><\/span><\/p>\n

The JLL Capital Markets team representing Clear Sky was led by Executive Managing Director Kevin MacKenzie, Managing Director Sher Hafeez, Director Jason Carlos and Senior Managing Directors Steve Mellon and Brian Somoza.<\/span><\/span><\/span><\/p>\n

\u201cWe are excited to have represented Clear Sky on this strategic growth initiative,\u201d Mackenzie said. \u201cThe parties\u2019 ability to navigate the current equity and debt capital markets to form this significant venture is indicative of the strength of Clear Sky\u2019s platform and the commitment of the new partnership.\u201d<\/span><\/span><\/span><\/p>\n

\u201cThis is a tremendous outcome for Clear Sky, best-in-class self-storage owner, operator and developer to form a strategic relationship with like-minded investors,\u201d Hafeez added. \u201cThe partnership\u2019s significant commitment to the self-storage sector and long-term ownership mentality is a testament to the continued attractiveness of the asset class.\u201d<\/span><\/span><\/span><\/p>\n

JLL\u2019s Capital Markets group is a full-service global provider of capital solutions for real estate investors and occupiers. The group\u2019s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients \u2014 whether investment and sales 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.<\/span><\/span><\/span><\/p>\n

For more news, videos, and research resources on JLL, please visit our newsroom<\/a>.<\/span><\/span><\/span><\/p>\n

Jones Lang LaSalle Americas, Inc. (“JLL”) is a real estate broker licensed with the California Department of Real Estate, license #01223413. <\/span><\/span><\/span><\/p>\n

About JLL<\/span><\/span><\/span><\/p>\n

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.<\/span><\/span><\/span><\/p>\n

About Clear Sky Capital<\/span><\/span><\/span><\/p>\n

Founded in 2009, Clear Sky Capital is a real estate operating company and fund manager, headquartered in Phoenix with offices in Los Angeles and London, and specializing in the acquisition, development, and management of investments across self-storage, manufactured housing, multifamily, and express car wash sectors, each functioning as a distinct operating platform. Since inception, Clear Sky Capital has acquired or developed in excess of $1.3 billion in assets across the United States and the United Kingdom.<\/span><\/span><\/span><\/p>\n

Source<\/span><\/span><\/span><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

JLL also sourced permanent and construction financing for the recapitalization of the venture\u2019s initial seed portfolio. JLL Capital Markets announced today that it completed the formation of an institutional strategic venture sponsored by Clear Sky Capital (\u201cClear Sky\u201d). The venture entailed recapitalizing a portfolio of value-add self-storage assets totaling 2,900 units in Arizona and California that are either in lease-up or under development on behalf of Clear Sky that formed the initial seed portfolio for the vehicle. JLL also arranged both five-year, fixed-rate acquisition loans and a construction loan through…<\/p>\n","protected":false},"author":13,"featured_media":2979,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[4],"tags":[],"gutentor_comment":0,"_links":{"self":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2975"}],"collection":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/users\/13"}],"replies":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/comments?post=2975"}],"version-history":[{"count":3,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2975\/revisions"}],"predecessor-version":[{"id":2982,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/posts\/2975\/revisions\/2982"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media\/2979"}],"wp:attachment":[{"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/media?parent=2975"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/categories?post=2975"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/listselfstorage.com\/us\/industry-insights\/wp-json\/wp\/v2\/tags?post=2975"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}