PHOENIX, ARIZ. – Hines, the international real estate firm, announced today it is constructing a new storage facility in Tempe and plans to break ground on another in Litchfield Park, advancing its strategy of offering Class A storage facilities in high-end urban and suburban communities as a residential amenity.
“Class A self-storage facilities are desirable amenities for upscale residential areas,” said Chris Anderson, senior managing director and Arizona leader for Hines. “Building self-storage projects continues our desire to diversify our portfolio.”
Luis Castellanos, director of Hines’ Self-Storage Platform, added, “These facilities provide a convenient, clean, and secure alternative for people safe-guarding their belongings outside of the home. They also help accommodate small businesses that need flexible storage space near their customers.”
The Tempe facility, located on four acres near the northeast corner of Priest Drive and Warner Road, will be 83,110 square feet with 640 units. The site will have exclusive covered RV parking to secure owners’ high-end vehicles for extended periods of time. Double AA Builders of Scottsdale is expected to finish the facility’s construction early this fall.
Hines plans to start construction on the 96,000-square-foot Litchfield Park facility next month. It is part of a mixed-use center under development on the southeast corner of Camelback Road and Dysart Road. The facility, located on 4.2 acres, will have 673 units. Construction is expected to finish at the end of 2019.
CubeSmart, a national operator based in Pennsylvania, will manage both the Litchfield Park and Tempe sites’ day-to-day operations. RKAA architects of Phoenix designed the self-storage facilities in Arizona which are air-conditioned and plan to feature amenities like conference rooms, security systems enhanced by artificial intelligence, a fully-automated rental process and personalized access.
Val Vista Storage, Hines’ first self-storage project in Arizona, opened in February 2019 on the northwest corner of Val Vista Drive and Queen Creek Road in Gilbert. The 75,000-square-foot facility has 510 units.
Hines also has multiple self-storage facilities under development in Texas with several others planned throughout Southwestern U.S.
In Arizona, Hines is continuing to diversify its portfolio. In September 2017, Hines announced its first residential project in the state. Called Asteria Highlands, the new gated neighborhood in North Scottsdale will include 40 acres and 31 single-family lots. Hines recently opened the Offices at Chandler Viridian, the capstone to Chandler Viridian, a vibrant 25-acre mixed-use development. It includes the Offices at Chandler Viridian, a Cambria hotel & suites, Broadstone Fashion Center luxury apartments, sophisticated retail offerings at Chandler Viridian PRIMEGATE and a pedestrian promenade to the Chandler Fashion Center mall. Also in the Phoenix market, Hines owns Kierland One, a Class A 175,441-square-foot office building in the North Scottsdale Airpark submarket, and Goodyear Crossing II, a Class A industrial warehouse in Goodyear. Hines provides property management services for Renaissance Square, a two-building, high-rise office complex in downtown Phoenix.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 207 cities in 24 countries. Hines has approximately $116.4 billion of assets under management, including $64 billion for which Hines provides fiduciary investment management services, and $52.4 billion for which Hines provides third-party property-level services. The firm has 109 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,319 properties, totaling over 431 million square feet. The firm’s current property and asset management portfolio includes 527 properties, representing over 224 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.