Commercial real estate firm NewQuest Properties, which specializes in Texas retail space, has formed a self-storage development group and will break ground on two Houston projects this fall. The multi-story facilities will comprise up to 80,000 square feet in 500 to 800 units each. Both will be built in existing retail centers, according to the source.
One asset will be in the Brazos Town Center in the southwest area of the city, while the other will be in the Windcliff Town Center in the northwest. Both will feature climate control, freight elevators, loading docks, onsite management and 24-hour access. The properties are surrounded by single- and multi-family developments, the source reported.
The development group will be lead by David Meyers, leasing director, and Ronnie Miranda, director of asset management. “More and more developers are realizing the value and viability of self-storage investment,” Miranda said in released statement. “There’s an unfilled demand that we intend to fill.”
Based in Houston, NewQuest was founded in 2001. Its portfolio exceeds $1.4 billion in assets and includes more than 50 retail centers throughout Texas. The company owns and manages more than 12 million square feet of retail space in Corpus Christi, Dallas, Houston and other Texas cities, according to its website.
Sources:
- Houston Business Journal: Houston Real Estate Firm Launches Self-Storage Development Group
- NewQuest Properties: Website
