GreenSpace Holdings LLC, a self-storage development firm specializing in multi-story facilities using a patent-pending building design that incorporates surplus shipping containers, has partnered with an unidentified investment group in Texas to build at least 50 facilities across the nation in the next eight years. The properties will be multi-story and climate-controlled, with the majority owned by both companies “as part of a long-term investment strategy,” according to a press release.
"I can't tell you how pleased we are to have entered into an agreement of this magnitude with such a high-net-worth investment group," said David Ledoux, co-founder and chief financial officer of GreenSpace. "We have been working on this deal for several months, and we feel very comfortable with not only the terms of the agreement but, more importantly, with the integrity and character of our investor. Getting a deal like this done within 24 months of startup speaks volumes to the depth and sustainability of our intellectual property, and we just couldn't be more pleased."
GreenSpace uses stacked shipping containers to create its multi-story structures. Projects in Houston and Pearland, Texas, were expected to be complete last month. The Houston property comprises 133,000 net rentable square feet, while the three-story facility in Pearland has 96,000 net rentable square feet of storage space in 1,017 units. Both facilities will be managed by self-storage real estate investment trust CubeSmart and branded under its name.
The company describes the 50-facility plan with its new investment partner as phase two in a six-phase business strategy. It has begun vetting properties in the Houston area as well as the Midwest, Pacific Northwest and the South, the release stated.
"The opportunity to build 50 stores for one investor is exciting; but we are also pleased that this transaction provides us with the resources to build facilities for other investors and developers who have either already contacted us about their projects or for those who learn about us in the future," said Rick Stockton, who co-founded GreenSpace with Ledoux.
Based in Houston, GreenSpace launched its shipping-container design in 2015.