What do you call the day before Thanksgiving? Around here, it’s #WarehouseWednesday. These are your need-to-know deals in Texas this week.
➤ Cohen Asset Management expanded its industrial portfolio in Texas with a massive purchase in a key market.
The California-based firm, which has an office in Dallas, bought the 668,800-square-foot Sunridge II, a Class A+ distribution center at 1700 North Goode Road in Wilmer, a Southern Dallas suburb.
CBRE brokered the sale for an undisclosed price. The property is fully leased to a tenant who wasn’t named. This is Cohen’s second warehouse purchase in Texas since October.
Seller Scannell Properties built the facility, off Interstate 45 a mile from the Union Pacific Intermodal Terminal, last year.
➤ ICYMI: Scannell wants to build almost a million square feet of warehouse in Grand Prairie and is awaiting city council approval in the suburb of Dallas and Fort Worth.
➤ A massive industrial park is on its way to Austin thanks to a local investor.
Ron Mills of Industrial Group Southwest invested about $31 million to develop a four-building industrial park near Austin-Bergstrom International Airport, adding to the state’s capital’s rapidly growing industrial market.
Four shell warehouses of varying size and scale, totalling 479,000 square feet, are slated to be completed by early 2024.
Austin’s Travis County has been a hub of industrial development in the past year.
➤ More than 1,700 self-storage units sold recently in the Dallas-Fort Worth area.
HPI purchased a three-property self-storage portfolio consisting of 1,743 units in the at 864 East Belt Line Road in Cedar Hill, 8060 Precinct Line Road in Colleyville, and 6818 FM 2499 in Denton.
Denton and the surrounding Dallas-Fort Worth area have emerged as markets for the self-storage industry this year.
JLL represented the seller, a joint venture between Harrison Street and Advantage Self Storage. The properties are in an area that has seen a 47 percent increase in multifamily development over the last ten years, according to a media release from JLL.
The steady rise of multifamily development over the last decade has been cited as directly analogous to the recent self-storage surge nationally.
➤ Also in Denton County, CenterPoint Properties bought a 900,000-square-foot business park in Lewisville that is 78 percent leased.
➤ A new self-storage facility sold in Fort Bend County, one of the fastest-growing counties in Texas.
Dallas-based Montfort Capital Partners bought the 678-unit Savannah HWY6 Self Storage facility in the unincorporated community of Rosharon, about 30 miles south of Houston.
The Class A facility sits on 6.14 acres at 14215 Hwy 6.
Completed in September, the facility includes six single-story storage buildings and 900 square feet of office space. It’s 75 percent climate-controlled with drive-up units, cylinder locks, gate access, and on-site management.
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