CONVERSE, TEXAS — Marcus & Millichap has brokered the sale of Noah’s Ark Self Storage, a 267-unit facility in Converse, a northeastern suburb of San Antonio. The property features 82,960 net rentable square feet, with units ranging in size from 16 to 300 square feet. Jon Danklefs of Marcus & Millichap represented the seller, a limited liability company, and procured the buyer, Store It All Self Storage. The facility is the new ownership’s 18th location in Texas.
FORT WORTH, TEXAS — Dayton Superior Corp., an Ohio-based supplier of construction materials, has signed a lease renewal at 15124 Grand River Road in Fort Worth. The company will continue to occupy 51,101 square feet of office and warehouse space. Brian Gilchrist and Steve Koldyke of CBRE represented Dayton Superior in the lease negotiations. Michael Spain of Bradford Real Estate Services represented the landlord, SCG River Park Business Center LP.
FRISCO, TEXAS — Dallas-based STRIVE has arranged the sale of Stonebrook Square, a 15,064-square-foot retail strip center in Frisco. The property was fully leased at the time of sale to tenants including a pediatric dentist, orthodontist, music-learning studio and a martial arts studio. STRIVE represented the seller, a Texas-based investor, in the transaction. A California-based exchange buyer acquired the asset for an undisclosed price.
As a multifamily investment sales brokerage firm, Greysteel has transacted close to 2,000 units in El Paso over the last 12 months. To say the El Paso multifamily market has been hot would be an understatement. But with a sudden pandemic causing economic chaos, jobs are at risk and multifamily owners are facing ever-increasing pressure. First, let’s talk about how El Paso has recently performed. Demand for multifamily product in El Paso has been particularly strong lately, and we’ve been able to bring new in-state and out-of-state investors into the market at cap rates never before seen in El Paso. Many of these investors are surprised to learn that El Paso is the sixth-largest metropolitan area in Texas and the 18th-largest city in the country. As cap rates on multifamily properties have compressed across the United States, El Paso has offered a safe haven for higher yields that can be elusive in major markets with high levels of competition. El Paso also has a diverse public/private sector that barely felt the pain of the 2008 recession — cumulative job losses totaled less than 3 percent of the total employment base. Job growth has expanded steadily, and employment was approximately 13 …
AUSTIN, TEXAS — Texas Gov. Greg Abbott has extended his official disaster declaration order for the Lone Star State as it battles COVID-19. The order originally went into effect on March 13 and lasts for 30 days unless renewed by the governor under state law. All 50 states are currently under a federal disaster declaration for the first time in U.S. history. Texas had about 13,500 confirmed cases of COVID-19 as of Monday, April 13.
LONGVIEW, TEXAS — BSR REIT has sold Summer Brook, Summer Green I and Summer Green II, three multifamily assets located in Longview, about 100 miles east of Dallas. The sales price was $52.5 million. Summer Brook was built in 1997, totals 208 units and offers a pool, fitness center, basketball court, dog park and a business center. Summer Green I and II were both built in 1984, total 424 units combined and also feature a pool, fitness center and business center. The buyer(s) was not disclosed.
HOUSTON — Lee & Associates has brokered the sale of a 100,000-square-foot industrial flex property situated on 6.2 acres at 8201 and 8211 La Porte Freeway in Houston. Trey Erwin, Justin Tunnell and Justin Cole of Lee & Associates represented the seller, Duma Land LLC, in the transaction. Jim Autreuy of Moody Rambin represented the buyer, Ivest LP. The property comprises two buildings with 43,000 square feet of office space, 14 dock-high doors, three ramps and one recessed dock with cross-dock capabilities.
SAN ANTONIO — Locally based developer Worth & Associates has negotiated a 42,227-square-foot office lease at its Austin Highway Business Center to Goodwill San Antonio Business Services. Goodwill will use the space to expand its call center operations. Jeff Miller and Meredith Sheeder of JLL represented Goodwill, which took occupancy in late March, in the lease negotiations.
DALLAS — Security National Bank of Texas will open a 4,146-square-foot branch at 2300 N. Field St. to become the exclusive banking center of The Union Dallas, a mixed-use destination by RED Development. Services will include personal, business and private banking, treasury management, trust services, investment management and mortgages. The opening is slated for some time this spring.
DALLAS — Colliers International has brokered the sale of a 72,551-square-foot office building located at 6510 Abrams Road in the White Rock submarket of Dallas. Built in 1981, the property features executive suites and has received numerous renovations over the past five years. Cody Payne and Michael Tran of Colliers represented the seller, a private investor, in the transaction. Both the seller and the buyer, also a private investor, requested anonymity.
