Updated Dec 4, 2024
Madison Capital Acquires 117503 SF Property At 2500 Lone Star Dr Dallas With Seller's Rep Jake Kinnear
2500 Lone Star Dr, Dallas, TX, 75212
Building Size
117,503 SF
Asset Type
Self Storage
Closing
Nov 20, 2023
About this deal
AI
The property is a three-story self-storage facility located at 2500 Lone Star Drive in Dallas, TX. It comprises 1,252 units across 117,503 net rentable square feet of climate-controlled space. At the time of sale, the facility was 50 percent occupied. The property was sold by Austin-based CSW Development to Charlotte-based Madison Capital.
Summary of transaction details:
- Property Type: Self-storage facility
- Transaction Amount: Undisclosed
- Address: 2500 Lone Star Dr, Dallas, TX, 75212
- Market: Dallas
- Seller's Representative: Jake Kinnear - JLL
- Buyer: Madison Capital
- Square Footage: 117,503
The sale was brokered by Brian Somoza, Steve Mellon, Matthew Wheeler, Adam Roossien, and Jake Kinnear from JLL. The new ownership plans to rebrand the property as a Go Store It facility.
Players
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Purchase Price
Annual NOI
Loan Amount
Interest Rate (%)
Loan Term (yrs)
Down Payment (%)
Cap Rate
5.80%
Cash-on-Cash
-1.66%
Monthly Payment
$14,164
Annual Debt Svc
$169,964
Annual Cash Flow
$-11,334
DSCR
0.93