Trez Capital-Hines partnership acquires first self-storage property
Trez Capital, with its partner Hines, has acquired a four-building, 235,400-square-foot self-storage facility at 525 N Ave. in Plano, Texas. This acquisition marks the first self-storage property for the Trez Capital-Hines partnership.
“Our partnership with Hines spans six years, and we’ve primarily focused on land for the development of single-family home communities in Colorado and Texas,” said John Hutchinson, president, central and southwestern U.S., at Trez Capital.
The size of the property is atypical in that it has nearly double the square footage of a conventional self-storage development. The facility has 1,603 units and 124 existing for-lease parking spaces. Hines and Trez Capital plan to expand the facility’s for-lease parking by 30–40 percent.
“Self-storage facilities that are strategically located in booming markets like Plano are an attractive asset for real estate investors,” said Luis Castellanos, director of Hines’ self-storage platform. “We expect demand for this product type to continue to grow in key markets like North Texas, as the population growth in this area shows no signs of slowing down.”
The property is strategically located near the northeast corner of President George Bush Tollway and U.S. 75 near the city line of Plano and Richardson, Texas. Climate-controlled self-storage is in demand in this area due to the influx of large businesses and office park developments such as State Farm’s 2 million-square-foot campus and the $1.6 billion CityLine mixed-use development.
