Hines is doubling down on its commitment to self-storage with two new developments planned for North Texas.
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The Houston-based developer expects to deliver the Class-A facilities, the Custer Self-Storage in Frisco and Jupiter Self-Storage in Garland, later this year, the company announced on Tuesday. The additions would expand the firm’s DFW portfolio to 16 self-storage locations.
"These latest additions to our DFW self-storage portfolio are a direct response to the growing demand for Class A, accessible storage solutions in these high barrier markets," Hines Managing Director Robb DeJean said in a statement.
"Both facilities are designed with the future in mind to not only ensure the safety and preservation of stored items but also complement the aesthetic and architectural standards of their respective neighborhoods."
The Frisco facility will offer 77K SF of rentable storage space across 709 climate-controlled units, while the two-building Garland property will contain 91K SF.
Hines has been working to amass a self-storage portfolio for several years. The firm launched an expansion strategy for the sector in 2018 and has since completed or acquired close to 5,000 units across Arizona and Texas.
Self-storage has been among the top-performing sectors for commercial real estate in the U.S. due to increased household mobility, the rise of makeshift offices and elevated home sales, according to CBRE.
The sector comprised just over 1B SF in mid-2023, about 12% of which was built in the past five years.
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