Holliday Fenoglio Fowler, L.P. (HFF) announced today that it has arranged joint venture equity for the development of Mason Road Self Storage, an 818-unit self storage facility in the Houston suburb of Richmond, Texas.
HFF worked on behalf of the development manager, Wheless – DeSpain Interests, LLC, to arrange joint venture equity from a private real estate fund advised by Crow Holdings Capital – Real Estate.
Scheduled for completion in 2017, Mason Road Self Storage will consist of one two-story building and two one-story buildings totaling 81,875 rentable square feet. Additionally, the self storage project will have 10 parking and 11 boat/RV spaces for rent. Situated on 3.75 acres, the storage facility site is located in Richmond at the intersection of Westpark Tollway/FM 1093 and Mason Road. The Mason Road Self Storage site is adjacent to Cinco Ranch, an 8,100-acre premier master-planned development that has consistently been recognized as one of the best-selling communities in Texas and the U.S. by RCLCO. This is the last remaining tract out of the original five commercial reserves that were formed in 1984, shortly after the Cinco Ranch land sale, which historically has been recognized as the largest land sale in Houston history.
The HFF self storage team representing the development manager was led by director Barbara Guffey, managing director Richard Schontz and associate director Matthew Weckesser.
“The new state-of-the-art facility will be highly visible from the Westpark Tollway and will benefit from multiple ingress/egress access points, making it an ideal location for self storage,” Guffey said. “The lack of supply and pent-up demand within the self storage industry over the past decade has proven the asset class is a sound investment with double-digit historic returns and strong underlying fundamentals.”
About Wheless – DeSpain Interests, LLC
Wheless – DeSpain Interests, LLC is a partnership between co-development managers Joel DeSpain and Robert Wheless. Each has over thirty years of experience in the commercial real estate industry, and they have worked together as a team to develop ten projects totaling $280 million in the Houston market. Those projects included three office buildings, one industrial, five multifamily joint ventures, and one retail power center.
About Crow Holdings Capital – Real Estate
Crow Holdings Capital – Real Estate (CHC–RE) is a North America-focused asset manager of private equity real estate funds. Since 1998, Crow Holdings (the predecessor to CHC-RE) sponsored the first of eight private equity real estate funds, and CHC-RE is now the investment advisor to the remaining funds. Over the past 18 years, these funds have raised over $6.25 billion in equity commitments including approximately $800 million in equity commitments from Crow Family Holdings. For more information please visit www.crowholdingscapital-re.com
HFF and HFFS (HFF Securities L.P.) are owned by HFF, Inc. (NYSE: HF). HFF operates out of 23 offices nationwide and is a leading provider of commercial real estate and capital markets services to the U.S. commercial real estate industry. HFF together with its affiliate HFFS offer clients a fully integrated national capital markets platform including debt placement, investment sales, equity placement, advisory services, loan sales and commercial loan servicing. For more information please visit hfflp.com or follow HFF on Twitter @HFF. Holliday Fenoglio Fowler, L.P. acting by and through Holliday GP Corp, a Texas licensed real estate broker.