CORNERSTONE RPC STORAGE DEVELOPMENT
Dec 16, 2014 | Press Release
Real Estate Development Firms Partner to Invest $75M in Self-Storage Development
Rosewood Property Company and self-storage veteran Cornerstone Development create Cornerstone RPC Storage Development
DALLAS – December 16, 2014 – Rosewood Property Company (RPC) and Cornerstone Development are partnering to invest up to $75 million to develop self-storage facilities in targeted markets. The two veteran real estate development firms' new partnership, Cornerstone RPC Storage Development, plans to take advantage of the long-term opportunity in the self-storage industry.
"Despite strengthening fundamentals over the past four years, little new development has taken place in the self-storage industry, as many of the traditional developers exited through the recent downturn." said Bill Flaherty, president of Rosewood Property. "We believe we are at the beginning of a long development cycle in storage that offers an attractive development spread and stable yields."
RPC is a subsidiary of The Rosewood Corp., a private investment concern owned by the Caroline Hunt Trust Estate, while Cornerstone, led by Fred Gans, has developed, owned and managed more than 65 self-storage facilities in 13 states.
"We have assembled a strong and knowledgeable development team that understands the business and will respond to the needs of the customer. The opportunity for us to partner with Rosewood is exceptional and will place our development partnership in a strong, competitive position."
The partnership will focus initially on developing drive up and multi-story infill facilities in core metro markets including Dallas/Fort Worth, Austin, San Antonio, Houston, Denver and Kansas City.
Rosewood acquired and owns self-storage properties in Oklahoma City, Denver, Colorado Springs, and Humble TX prior to forming the new development partnership with Cornerstone.
About Rosewood Property Company
Rosewood Property Company, based in Dallas, is a wholly owned subsidiary of The Rosewood Corporation. Rosewood Property Company and its affiliates have an extensive portfolio, including investments in land, office, industrial, retail, and multifamily assets, as well as investments in the equity securities of public and private real estate investment companies. For more information visit: www.rosewoodproperty.com
About Cornerstone Development
Cornerstone Development Corp. is a developer and buyer of self-storage, boat and RV storage, luxury garage condo storage and retail build to suits. Based in Dallas, Cornerstone Development also provides management services and joint-venture development.