October 28, 2019
October 28, 2019
Today, Trez Capital, a diversified real estate investment firm and provider of commercial real estate debt financing solutions, and partner, Hines, the international real estate firm, announced the acquisition of a four-building 235,400-square-foot self-storage facility at 525 N. Ave. in Plano. 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., Trez Capital. "We're pleased to continue our partnership with Hines in the acquisition of this self-storage facility, and we look forward to growing our portfolio with similar assets in the near future."
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% to 40%.
"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. Climate-controlled self-storage is in demand in this area due to the influx of large businesses and office park developments like State Farm's 2 million-square-foot campus and the $1.6 billion CityLine mixed-use development.
About Trez Capital
Founded in 1997, Trez Capital is a diversified real estate investment firm and a preeminent provider of commercial real estate debt financing solutions in Canada and the United States. Trez Capital offers private and institutional investors strategies to invest in a variety of opportunistic, fully-secured, high-yield mortgage investment funds and like investment assets and provide property developers and owners with quick approvals on flexible short- to mid-term financing. Trez Capital has more than $3.5 billion in assets under management and through its Dallas office, has provided more than $2.5 billion for the purchase and development of various real estate projects. For more information, visit www.trezcapital.com.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 219 cities in 23 countries. Hines has approximately $124.3 billion of assets under management, including $63.8 billion for which Hines provides fiduciary investment management services, and $60.5 billion for which Hines provides third-party property-level services. The firm has 148 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,362 properties, totaling over 449 million square feet. The firm's current property and asset management portfolio includes 514 properties, representing over 222 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.