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| Barbara Guffey |
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| Richard Schontz |
HOUSTON, TX, 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.
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.
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| Mack Weckesser |
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.”
For a complete copy of the company’s news release,
please contact:
Kristen M. Murphy
Director, Marketing
HFF | One Post Office
Square, Suite 3500 | Boston, MA 02109
Main: 617-338-0990 |
Direct: 617-848-1572 | Cell: 617-543-4873 | www.hfflp.com
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