A joint venture between real estate developer Vintage Hannah One LLC and an unnamed partner intends to build a self-storage facility in Spring, Texas, a suburb of Houston. The facility will include four buildings comprising 82,675 square feet in 851 units. Expected to open later this year, it’ll be built on 5.8 acres at 15500 Vintage Preserve Parkway in The Vintage, a 630-acre, master-planned community, according to a press release by HFF (Holliday Fenoglio Fowler LP), which worked on behalf of Vintage Hannah One to arrange the joint-venture equity partnership.
The Vintage development includes healthcare facilities, a hotel, restaurants, residences, senior housing and shopping. It also offers lakes and an 80-acre nature preserve, the release stated. “The location within The Vintage mixed-use development, along with the strong demographics and numerous rooftops in the immediate vicinity, makes it ideal for a new self storage project,” said Barbara Guffey, director at HFF, who represented Vintage Hannah One. “The new state-of-the-art facility will be one of few self storage projects built in the area within the last decade.”
HFF and its affiliate, HFF Securities LP, are owned by HFF Inc. The firm operates out of 22 offices nationwide and specializes in advisory services, commercial-loan servicing, debt and equity placement, and investment and loan sales.
Vintage Hannah One is a partnership between co-development managers Joel DeSpain and Robert Wheless. Together, they have more than 60 years of experience in commercial real estate and have developed 10 projects in the Houston market totaling $280 million, according to the release. Those projects include an industrial development, five multi-family joint ventures, three office buildings and a retail power center.
Sources:
- REBusiness Online: HFF Arranges Joint Venture Equity for Self-Storage Development Near Houston
