A joint venture between LaTerra Development and Platinum Storage has secured a $21 million construction loan from Andover Lending for the redevelopment of a former retail location in Irving, Texas. The project will transform the site, previously occupied by Fry’s Electronics store (photo), into a state-of-the-art self-storage facility.
Located at 2488 Market Place Blvd., adjacent to Home Depot and an upcoming H-E-B supermarket, this multi-story facility spanning 195,000 square feet will offer climate-controlled units as well as drive-up and enclosed RV storage options. Its prime location near Interstate-635 with over 230,000 daily vehicle traffic is expected to attract customers from Las Colinas, Irving and neighboring areas.
The joint venture was formed in early 2024 combining Andover Properties’ two-decade-long expertise in investing in self-storage facilities with TPG Angelo Gordon’s $60 billion credit platform that specializes in structured credit investments. This collaboration aims to provide bridge and construction financing solutions for owners of self-storage properties.
In summary:
Andover Lending has granted a $21 million construction loan to LaTerra Development and Platinum Storage for their joint venture project – redeveloping an old retail space into a modern self-storage facility located at 2488 Market Place Blvd., Irving,Texas. The new facility will feature various storage options including climate-controlled units along with drive-upand enclosed RV spaces. With its strategic placement near major highways attracting high traffic volume daily,the development is expectedto serve residents from surrounding communities like Las ColinasandIrving.The partnership between Andover Properties’ extensive experienceinself-storagedevelopment,andTPGAngelo Gordon’s vastcreditplatformspecializinginstructuredcreditinvestmentswill enable themtoofferbridgeandconstructionfinancing solutionsto otherownersofself-storagelocationsaswell.Thisjointventurewasformedearlythisyearwiththegoalofprovidingtop-notchself-storagesolutions.
