Trez Capital, Hines Purchase Texas Storage
- Oct 29, 2019
Trez Capital, in a partnership with Hines, has acquired a 235,400-square-foot storage facility in Plano, Texas. Flagstar Bank provided a $16.7 million acquisition loan, which is set to mature in 2022. Trez Capital Debt Funds also granted $10 million to finance the property, according to Yardi Matrix. The acquisition marks the joint venture’s first self storage investment.
The CubeSmart branded facility occupies 8.8 acres at 525 N. Ave., just off the intersection of the President George Bush Turnpike and the Sam Johnson Highway, roughly 1 mile from downtown Plano. The facility is also situated near a cluster of businesses such as Sherwin-Williams Paint Store, Morrison Supply and Plano Office Supply Co., to name a few.
Constructed in 2018, the four-building storage encompasses 1,603 storage spaces, ranging from 25 to 400 square feet. The asset also features 124 for-lease parking spaces and the buyer plans to increase this capacity by 30 to 40 percent. Characteristics of the facility include climate control, drive-up access and security cameras. Additional services provided include on-site management.
In May, Hines broke ground on two storage facilities in Arizona, which will also be managed by CubeSmart.