October 29, 2019
Trez Capital partnered with Hines to acquire a four-building, 235,400-square-foot self-storage facility at 525 N Ave. in Plano, TX. The transaction represents the first self-storage property for the Trez Capital-Hines partnership.
The owner is listed as Southern Star Capital LLC & Platinum Storage 190 LLC, doing business as CubeSmart Self Storage. The facility has 1,603 units and 124 existing for-lease parking spaces. The new owners plan to expand the for-lease parking component by 30%-40%.
“Self-storage facilities that are strategically located in booming markets like Plano are an attractive asset for real estate investors,” said Hines’ Luis Castellanos. “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.”
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