2GR Equity and Connell Realty Services Inc. have completed Lone Star Self Storage, a 76,000-square-foot storage facility in Waxahachie, Texas.
The project broke ground in July 2022 and was subject to a construction loan originated by Simmons Bank. Merriman Anderson Architects provided architectural and interior design services.
The property features a main entrance with a lobby area, as well as a passenger elevator and freight elevator. The building was designed to have interior facing storage units, double-loaded onto corridors.
The three-story building sits on 3.1 acres and encompasses 570 units. Lone Star Self Storage non-climate and climate-controlled units range between 25 and 375 square feet. Lone Star offers amenities such as 24-hour video surveillance, electronic gate access, keypad gated entrance, packing and moving supplies, online bill and automatic payment options, among others.
Located at 181 Cardinal Road, the property sits at the corner of State Highway 77 and Cardinal Road, near Interstate 35, approximately 25 miles from downtown Dallas. As of July, suburban Dallas had a supply pipeline of seven properties under construction and 28 projects in the planning and prospective stages, Yardi Matrix data shows. All projects are set to add 2.2 million rentable square feet to the existing inventory.
Demand for self storage continues to stay firm, while on a national level the market is seeing a decline in rents. According to a June Yardi Matrix report, national rates for standard-size 10×10 units declined 4.7 percent for climate-controlled units year-over-year, while rates for non-climate-controlled units decreased by 3.8 percent.
