Hines, an international real estate development, investment and management firm, intends to diversify its commercial portfolio with three self-storage facilities planned for the Phoenix metro market. The projects will comprise more than 250,000 square feet of storage space in Gilbert, Litchfield Park and Tempe, Ariz. The firm plans to develop three to five new storage projects annually and partner with established industry management companies to operate its portfolio, according to a press release.
The first development, expected to open early next year, will be Val Vista Self Storage at the northwest corner of Val Vista Drive and Queen Creek Road in Gilbert. Part of a 20-acre mixed-use commercial project, the facility will comprise 75,000 square feet in about 510 units.
The two other projects are expected to break ground this fall. The Litchfield Park facility will comprise 83,000 square feet, while the Tempe project is expected to be 96,000 square feet. Hines is also considering future self-storage sites in Glendale, Scottsdale and Surprise, Ariz.
“Hines is known for landmark office projects and large-scale, mixed-used developments which can take years to develop from start to finish. We are diversifying our portfolio and increasing our volume of projects with self-storage facilities, which are becoming a desired amenity and take a year or less to build,” said Chris Anderson, managing director and Arizona team leader. “In addition, the timing is right. High-end self-storage projects are becoming a new trend as people live in smaller houses and need more storage.”
The company has several other commercial projects either planned or underway in Arizona.
Founded in 1957, Hines is a privately owned global real estate investment firm with a presence in 24 countries. It has approximately $111 billion of assets under management and 108 development projects underway around the world. The firm’s current management portfolio includes 506 properties comprising more than 210 million square feet, the release stated.