Public Storage Inc., a self-storage real estate investment trust (REIT), has opened a new facility in Richmond, Texas, a suburb of Houston. It’s the company’s seventh location in the region. The five-story property at 8008 W. Grand Parkway features more than 1,200 climate-controlled units and will serve the master-planned communities of Aliana Houston, Harvest Green and Long Meadow Farms, according to a press release.
Public Storage has grown its footprint in the Houston self-storage market, adding more than a million square feet of space in less than a year, the release stated. The company opened a new location in Humble, Texas, a suburb that lies northeast of Houston, last summer. The three-story property comprises 140,000 square feet in 1,183 units.
The REIT plans to continue its expansion efforts in the Houston area next year. “2018 is going to be big,” said Jarrod Yates, vice president of real estate.
Richmond recorded a 4 percent increase in population over the last five years. Expansion efforts are underway on Texas State Highway 99 to accommodate the growth, the release stated.
Based in Glendale, Calif., Public Storage has interests in 2,358 self-storage facilities in 38 states, with approximately 156 million net rentable square feet. Operating under the Shurgard brand name, the company also has 220 facilities in seven European countries, with approximately 12 million net rentable square feet.