Public Storage Inc., a self-storage real estate investment trust (REIT), opened a new facility last month in Plano, Texas, a suburb of Dallas. The property at 7950 Ohio Drive, the company’s ninth in the city, is part of an ongoing effort to expand in the region, according to a press release.
“It’s easy to see the economy in the North Dallas area is booming,” said Brett Vick, the district manager who’ll oversee the site.
The three-story, climate-controlled building contains 890 units and will serve residents of the rapidly growing neighborhoods around Plano, which has continued to expand and attract big-name companies including J.C. Penney, Pizza Hut and Toyota, the release stated. “There’s been a lot of growth all over,” said Nate Armistead, facility manager. “People keep moving in for jobs, which is why we stay busy.”
The city’s population has grown more than 10 percent within five years, outpacing growth in Dallas and Houston during the same period, according to the U.S. Census. “The growth in Plano, specifically West Plano, is incredible,” said Evan Stewart, a realtor with Rueckert + Stewart Group in North Texas. “Plano used to be the embodiment of suburbia: quiet neighborhoods, chain-family restaurants and a slower lifestyle. The urbanization over the last 10 years has brought new life not only to the housing communities and neighborhood structure, but also to the amenities Plano has to offer residents and visitors.”
Public Storage also recently opened a new facility in Humble, Texas. The three-story property at 8717 N. Sam Houston Parkway E. comprises 140,000 square feet in 1,183 units.
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.
- New Public Storage in Plano: Texas Opens in Bustling Suburb