Update 4/5/17 – Leon Capital Group has opened its Round Rock location. The three-story facility comprises 77,855 rentable square feet. The company also announced eight new development projects in the pipeline that will comprise 790,000 rentable square feet.
“We’re extremely pleased with quality of design, construction and the location of the Round Rock facility,” said Jake Walker, managing director. “Adhering firmly to our development strategy, the project was delivered in one of the best locations in that submarket.”
The two previously announced Austin-area projects are under construction and expected to open during the third quarter. The properties are at Ranch Road 620 and Swing Lane in Austin and 140 E. Sonny Drive in Leander, Texas. Together, the assets will comprise 175,000 rentable square feet, according to a press release. They’ll both be managed by Extra Space Storage Inc., a self-storage real estate investment trust and third-party management firm.
Outside of Texas, Leon Capital has six projects in the “design and permitting phase” in the Pacific Northwest. Once complete, they’ll add about 615,000 rentable square feet to the company’s portfolio, the release stated.
“As we continue to grow nationally, we are committed to staying disciplined in our approach by securing high-quality locations and building institutional-quality storage space that delivers the quality, convenience and service that today’s renters demand,” Walker said. “Our upcoming projects in the Pacific Northwest represent a continued commitment to this strategy.”
The company intends to develop approximately 40 self-storage facilities during the next few years with an expected footprint of more than 3.5 million rentable square feet, according to the release.
5/5/16 – Leon Capital Group, a Dallas-based real estate development and investment firm, has begun construction on a self-storage facility in Round Rock, Texas. It’s the company’s first ground-up storage project since launching a self-storage investment platform last year. The development at 215 N. A.W. Grimes Boulevard will comprise 105,987 square feet of storage space. The general contractor on the project is Embree Construction Group Inc., a build-to-suit developer based in Georgetown, Texas. Construction is expected to be completed in late December, according to the source.
The facility will be managed by CubeSmart, a self-storage real estate investment trust and third-party management firm.
Leon Capital acquired its first asset last year in a partnership with Move It Management LLC, a Dallas-based self-storage management company that also owns facilities. It plans to deploy $200 million in equity on self-storage opportunities and grow its portfolio through acquisitions and development in select markets nationwide, company officials said in a press release. Construction on two more facilities in the Austin, Texas, area is expected to begin later this year.
Leon Capital has more than $1.5 billion in completed real estate transactions and assets worldwide. Its portfolio includes acquisitions, land development and existing building infrastructure in the multi-family, mixed-use, office, retail and self-storage categories.
CubeSmart owns or manages 708 self-storage facilities across the United States. Its operating portfolio comprises 47.3 million square feet.
Sources:
- Rebusiness Online: Leon Capital Breaks Ground on Self-Storage Project in Metro Austin
