HOUSTON — Colliers has brokered the sale of a 17,433-square-foot industrial property located at 6421 N. Shepherd Drive in Houston. The two-building complex sits on 4.4 acres and features 15-foot clear heights, 10 grade-level doors and 2,000 square feet of office space. Jeff Peltier and John Parsley of Colliers represented the seller, R & J Partnership, in the transaction. Zane Carman of Partners represented the buyer, Holdings Enterprise.
The self-storage sector has historically been considered resilient and recession-resistant. This year, key trends are already emerging that will contribute to the health and performance of this $80 billion industry. Despite risks of oversaturation in some urban markets, 2023 promises to be a strong year for self-storage investments. Shined-up facilities What started in early 2000s continues to today. Where decrepit, one-story metal buildings with chain-link fences were the standard, now high-caliber, well-designed and polished facilities dot the landscape. Today, new development is almost exclusively Class A product. Intown and suburban communities demand it. And customers now expect professional lobbies with music and complimentary snacks and beverages, staffed by knowledgeable and skilled managers selling space that is clean, bright and secure. The once red-headed stepchild of commercial real estate is now the belle of the ball. The proof can be seen in the fervent attention from public REITs and private equity firms. Blackstone Real Estate Income Trust grabbed headlines in 2020 with its acquisition of Simply Self Storage for $1.2 billion. Smaller, yet just as notable, transactions also support increased valuation. In 2022, Space Shop Self Storage, one of the top 20 self-storage operators in the United State, sold two portfolios …
GREENVILLE, S.C. — Frampton Construction has completed Upstate Trade Center, a 907,400-square-foot industrial park in Greenville, on behalf of the developer, The Keith Corp. Situated within four miles of I-85 and adjacent to US Highway 25 and Donaldson Center Airport, the speculative project took approximately 12 months to complete. Building One of Upstate Trade Center is a cross-dock facility spanning 640,640 square feet with a clear height of 36 feet, and Building Two is a rear-load facility totaling 266,760 square feet with a clear height of 32 feet. The design-build team includes architect Merriman-Schmitt Architects and civil engineer Thomas + Hutton. JLL is marketing Upstate Trade Center for sale.
INDIANAPOLIS — Argus Self Storage Advisors has arranged the sale of a Keystone Self Storage property in Indianapolis for $9.5 million. Located at 5000 N. Keystone Ave., the self-storage facility totals 541 units and 69,700 square feet. Rob Schick of Argus represented the undisclosed seller. Public Storage was the buyer. The asset was 94 percent leased at the time of sale.
LANDOVER, MD. — Colliers has arranged a 110,000-square-foot warehouse lease at 3341 75th Ave. in Landover, about 10 miles east of Washington, D.C. The tenant is ReadySpaces, a co-warehousing provider that recently launched three other East Coast locations in New Jersey and New York. Mike Davis and Mike McGugen of Colliers represented ReadySpaces in the lease negotiations. The landlord was not disclosed. The Landover deal brings ReadySpaces to 33 locations nationwide. The company provides flexible warehousing and office space ideally suited for small businesses. Each ReadySpaces location provides users with Wi-Fi, loading docks, forklifts, a shared conference room and kitchen and lounge areas, as well as a monthly pricing model.
CARROLLTON, TEXAS — Lee & Associates has negotiated the sale of a 100,800-square-foot industrial facility that sits on a four-acre lot at 1401 Dunn Drive in the northern Dallas suburb of Carrollton. Stephen Williamson of Lee & Associates represented the buyer, metro Boston-based investment firm High Street Logistics Properties, in the transaction. Keenan Cook of Mercer Co. represented the seller, Charity Supply. The sales price was not disclosed.
HOUSTON — VeriTrust Corp., a provider of document shredding and other information management services, has signed a 41,937-square-foot industrial lease at 2155 Silber Road in northwest Houston. According to LoopNet Inc., the property was built in 1979 and totals 95,600 square feet. Chris Kugle of Partners represented the tenant in the lease negotiations. Carter Holmes and Matt Dewhirst of Holt Lunsford Commercial represented the undisclosed landlord.
CAMBRIDGE, MASS. — Locally based firm Nauset Construction is underway on the renovation of a 90,000-square-foot data center that is located across the Charles River from Boston in Cambridge. The project represents the third phase of capital improvements at the property at 300 Bent St. Upgrades will include the demolition and excavation of the existing lobby, the revamping of mechanical and utility systems and the addition of another 8,000 square feet of tenant space. Khalsa Design is the project architect. Construction is anticipated to be complete this fall. CEM Realty Trust owns the property.
SAN DIEGO — A joint venture between San Diego-based Elevation Land Co. and a real estate fund advised by Crow Holdings Capital has unveiled plans to develop Otay Business Park, a 1.8 million-square-foot industrial, distribution and warehouse property in the Otay Mesa submarket of San Diego. Current construction plans for Otay Business Park include the development of eight speculative or build-to-suit buildings that can accommodate users ranging from 45,000 square feet to 500,000 square feet. The buildings will feature 32-foot to 36-foot clear heights, 325 dock-high loading positions, 175 trailer stalls and 16 grade-level loading doors. Slated for completion in the second half of 2024, Phase I will consist of 1 million square feet of space spread across five buildings. Phase II will consist of 770,000 square feet across the buildings, with completion scheduled for 12 months after Phase I is delivered. All buildings are planned for speculative development but can be delivered on a build-to-suit basis for occupants. The developers acquired a total of 263 acres of land where the project is being developed during the second quarter of 2022 for $165 million. The land purchased included the 119 acres that Otay Business Park will occupy, along with several …
KANNAPOLIS, N.C. — A joint venture between Trinity Capital Advisors and Barings has purchased 154 acres in the northern Charlotte suburb of Kannapolis. The companies plan to develop 85 Exchange, a Class A industrial park spanning 1.3 million square feet across seven buildings. The park will be situated within one mile of I-85 at Kannapolis Parkway and Davidson Highway. Phase I of 85 Exchange comprises two buildings totaling 314,000 square feet and will begin speculative development this March, delivering first-quarter 2024. The design-build team includes general contractor Choate Construction and architect Merriman Schmitt Architects. Cushman & Wakefield’s Matt Treble, Fermin Deoca, Drew Coholan and Frances Crisler are handling leasing duties.