Real estate development firm Central Southwest Texas Development LLC (CSTD) intends to build a five-story self-storage facility in the Westchase area of Houston. The property at 10411 Westheimer Road will comprise 132,350 square feet in 1,311 units, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that helped secure construction financing.
The Westchase submarket is a business district surrounded by dense, affluent residential neighborhoods including Briar Forest, Briar Meadow and Memorial Villages. The average annual household income within a three-mile radius of the storage site is more than $91,000. The population within the radius is about 200,000 and expected to grow 5.7 percent during the next five years, the release stated.
Near the intersection of Beltway 8 and Westheimer Road, the property is visible to more than 131,000 vehicles traveling along the Beltway each day.
Griffin Guthneck, senior vice president, and CW Sheehan, vice president, led the JLL team in securing a floating-rate construction loan.
Based in Austin, Texas, and founded in 2004, CSTD is a commercial real estate development and investment company. The firm’s leadership has more than 90 years of combined experience in the real estate industry and has completed more than 85 real estate projects with a combined market value of more than $450 million.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. The firm completed $170 billion in investment sale and debt and equity transactions globally in 2017. The firm’s capital-markets team comprises more than 2,000 specialists globally.