JLL today announced the firm has negotiated the acquisition of a 2-acre land parcel for the development of a 1,017-unit self storage facility at 2515 Westminister Road in the Houston suburb of Pearland, Texas. GreenSpace Holdings, a Houston-based self storage developer, broke ground on the site July 28, 2017.
JLL’s Chris Bergmann represented GreenSpace Holdings in the purchase of the parcel at Pearland Parkway and FM 518. TMS Contractors, LLC is the general contractor on the project.
When finished, the Class A facility will offer 95,565 square feet of rentable space across three stories. The property will operate under the CubeSmart brand and will feature 24-hour surveillance, electronic access control, climate-controlled units, a retail-oriented customer service office, and Greenspace Holdings’ modern, patent-pending design that utilizes surplus shipping containers.
“We have been working hand-in-hand with our general contractor for over a year on the feasibility of our design, which my partner David Ledoux and I sketched on a napkin more than two years ago,” said Co-Owner of GreenSpace Holdings Rick Stockton. “This is truly the culmination of a remarkable journey for both of us.”
According to GreenSpace Holdings, their patent-pending design reduces multistory self storage construction costs by up to 50 percent, the construction schedule by four to six months, and occupancy required for positive cash flow to approximately 45 percent. Using surplus shipping containers versus traditional construction methods to build the Pearland facility has several environmental benefits. It eliminates the need to recycle the containers and greatly reduces new structural steel and concrete requirements. According to the developer, this results in reduced electricity consumption during manufacturing and construction sufficient to power more than 500 homes for a full year and reduces carbon dioxide emissions by about 660 tons.
Located off a main thoroughfare in one of Houston’s fastest growing suburbs, the facility will be near a mix of national and regional retailers including Lowe’s Home Improvement and H-E-B. The Pearland submarket experienced nearly 100 percent population growth from 2000 to 2015, during which time there was very little construction of climate-controlled storage facilities.
JLL also represented GreenSpace Holdings in the acquisition of a 2-acre land parcel for the development of another CubeSmart-branded facility at Brittmoore Road and Interstate 10 in Houston. The developer plans to break ground at 1050 Brittmoore Road later this year. Upon completion, the 132,967-square-foot facility will offer 1,401 units of climate-controlled storage.
GreenSpace Holdings plans to build 50 multistory self storage facilities across the U.S. in the next seven years.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. A Fortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $136 billion. At the end of the first quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of more than 78,000. As of March 31, 2017, LaSalle Investment Management had $58.0 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit JLL.com.