Trez Capital-Hines Partnership Acquires a Four-Building 235,400-Square-Foot Self-Storage Facility

DALLAS - Oct. 28, 2019 - PRLog -- Today, Trez Capital (https://www.trezcapital.com/), a diversified real estate investment firm and provider of commercial real estate debt financing solutions, and partner, Hines (https://www.hines.com/), 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.