Two Dallas, TX-based real estate firms are making good on their plans to develop a sizable portfolio of self-storage facilities.
Cornerstone RPC Storage Development, a joint venture between Rosewood Property Company and Cornerstone Development, formed in late 2014 setting aside $75 million to develop self-storage facilities.
The first phase of its development plan will bring more than 400,000-square-feet of storage to three Texas metro areas when completed.
“The launch of the first phase of our self-storage development program is well-timed for what we anticipate is the beginning of a long development cycle for the industry,” said Bill Flaherty, president of Rosewood Property.
Projects queue
Cornerstone RPC announced the following four projects:
- A 94,475-square-foot, 656-unit, drive-up self-storage facility at 9485 LBJ Freeway in Dallas, TX. (Pictured at top, construction currently underway)
- A 116,400-square-foot, 832-unit storage facility at 1200 Park Row Drive in Houston, TX. (Ground breaking planned for September)
- A 103,575-square-foot, 731-unit facility at 9652 Huebner Road in San Antonio, TX. (Pictured at bottom, site acquired in August)
- A 98,625-square-foot, 693-unit facility at 7413 N. Loop 1640 W in San Antonio, TX. (Site acquired in August)
The Dallas Observer has identified another facility under development by the joint venture at 5353 Maple Avenue in Dallas, TX.
Rosewood Property President Bill Flaherty said a long development cycle is just getting started.
Ready for more
“We have detailed knowledge of these core markets and are confident these projects will meet the increasing demand in the market for new self-storage development,” Flaherty said.
The facilities will be operated and branded by Extra Space Storage. In April, Rosewood purchased an 18-facility portfolio of Extra Space-managed properties. The seller was not identified.
Cornerstone RPC is actively seeking additional self-storage sites in the following markets: Dallas/Fort Worth, Austin, San Antonio, Houston and Denver.
Al Harris
Alexander Harris is a reporter covering the business of self-storage. He obtained his degree in journalism from Virginia Commonwealth University. He loves reading Elmore Leonard novels and listening to classic country music. You can call him Al.