Hines JV Expands Dallas Storage Footprint
Flagstar Bank provided a three-year, $7.1 million loan for the acquisition of a CubeSmart-managed property.
570 Country Club Road. Image courtesy of Hines
A joint venture between Trez Capital and Hines Interests has purchased a 101,900-square-foot self storage property in Wylie, Texas. A private investor sold the 11-building facility, according to Yardi Matrix data. The ownership venture financed the acquisition with a $7.1 million loan from Flagstar Bank. The mortgage matures in 2023. Trez Capital provided an additional, $3.1 million mortgage to fund the purchase.
Located on 11 acres at 570 Country Club Road, the single-story property opened its doors in 2017. The 760-unit facility features drive-up access and climate-controlled units, ranging from 25 to 400 square feet, Yardi Matrix shows. The property has an on-site CubeSmart management office, security cameras and 75 RV parking spaces. Situated close to Highway 544, the site is 8 miles from downtown Plano.
The deal marks the partnership’s second self storage investment. Last October, the joint venture purchased a 1,600-unit storage property in Plano, Texas. Flagstar Bank and Trez Capital originated two notes totaling $26.7 million for the acquisition.
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