A new self-storage project being developed by GreenSpace Holdings LLC in the Houston suburb of Pearland, Texas, will be constructed using the company’s patent-pending building design, which makes use of surplus shipping containers. The three-story building at 2515 Westminister Road will comprise 95,565 square feet of rentable space in 1,017 storage units, according to a press release from JLL Capital Markets, the commercial real estate and finance firm that represented GreenSpace in the 2-acre land purchase.
“We have been working hand-in-hand with our general contractor for over a year on the feasibility of our design, which my partner, David Ledoux, and I sketched on a napkin more than two years ago,” said GreenSpace co-owner Rick Stockton. “This is truly the culmination of a remarkable journey for both of us.”
According to GreenSpace, the container-style design reduces multi-story self-storage construction costs by up to 50 percent and the schedule by four to six months. It also minimizes the occupancy required for positive cash flow to approximately 45 percent. In addition, the has environmental benefits, both by recycling the containers and reducing the need for new structural steel and concrete. This saves enough electricity during manufacturing and construction to power more than 500 homes for a full year and reduces carbon-dioxide emissions by about 660 tons, release stated.
TMS Contractors LLC is the general contractor on the project. Once complete, the facility will be managed by self-storage real estate investment trust CubeSmart and branded under its name.
Located off a main thoroughfare in one of Houston’s fastest-growing suburbs, the facility will be near a mix of retailers including Lowe’s Home Improvement and an H-E-B grocery store. The Pearland submarket experienced nearly 100 percent population growth from 2000 to 2015, during which time there was little construction of climate-controlled storage, according to the release.
GreenSpace was represented in the real estate transaction by JLL associate Chris Bergmann. JLL also brokered the company’s acquisition of a 2-acre parcel in Houston for the development of another CubeSmart-branded facility. The developer plans to break ground at 1050 Brittmoore Road later this year. Upon completion, the 132,967-square-foot facility will contain 1,401 climate-controlled units.
Houston-based GreenSpace plans to build 50 multi-story self-storage facilities nationwide in the next seven years. The company launched its shipping-container design in 2015.
JLL is a full-service global provider of capital solutions for real estate investors and occupiers. Last year, the firm completed $140 billion in investment sale and debt and equity transactions globally. The firm’s Capital Markets team comprises more than 2,000 specialists globally.