June 7, 2016 – 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.
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.”
[button href=”https://www.hfflp.com/media-center/press-releases/141400/hff-arranges-joint-venture-equity-for-self-storage-development-near-houston-texa.aspx” style=”emboss” size=”medium” color=”#000000″ target=”_blank”]Source: HFF[/button]