Author: Sarah

First Phase of Mesquite Airport Logistics Center Leases Quickly

Posted on by Sarah

DALLAS – Dec. 1, 2022 – The first phase of a 2.3-million-square-foot industrial park that delivered in the third quarter of this year is now 100 percent leased.

Mesquite Airport Logistics Center is a state-of-the-art, multi-phase industrial park at 4180 E. Scyene Road in Mesquite owned by Dalfen Industrial. Phase I of the master-planned project included over one million square feet between two buildings. Tempe, Arizona-based Coleman Powersports leased Building 1, totaling 379,620 square feet. Masonite International Corporation, based out of Tampa, FL, leased Building 2 totaling 626,718 square feet. Both companies are expanding their industrial footprint in the Dallas-Fort Worth area. Stream Realty Partners, a national real estate services, development, and investment firm, represented Dalfen in the transaction.

“We are excited to welcome Coleman Powersports and Masonite Corporation as the first occupants of Mesquite Airport Logistics Center,” said Sean Dalfen, President and CEO of Dalfen Industrial. “We’ve developed and acquired over 3.5 million square feet in Mesquite and continue to see increased tenant demand attracted to the eastern side of the Metroplex. This project was designed to capture the needs of tenants like Coleman and Masonite that recognize the value and opportunity of investing in their supply chain and logistics operations in DFW. It’s been great seeing that vision come to fruition.”

The logistics park offers amenities such as ample parking to accommodate a wide range of tenants, from distributors to manufacturers. Trailer parking, 36-foot and 40-foot clear heights, speculative office space, white boxed warehouse, painted columns, and easy access provide tenants with a move-in ready facility that can be easily configured. Once completed, the park will boast over 2.3 million square feet of cross-dock space, which can be easily secured.

Located in Mesquite, within Kaufman County and east of the heart of Dallas, Mesquite Airport Logistics Center provides access to a strong labor pool that continues to draw tenant attention. The park is close to FedEx Ground, UPS Customer Center, and the Union Pacific Intermodal, and adjacent to the Mesquite Metro Airport. The park’s easy access to Highway 80 and Interstates 635 and 20 position it well for distributors.

Phase II is under construction and expected to deliver in the second and third quarters of 2023. It includes three buildings totaling 1,333,790 square feet. Buildings 3 and 4 each will be 342,196 square feet, and building 5 will be 649,398 square feet.

“Mesquite and Kaufman County make up a rapidly growing area that offers a pro-business environment and unmatched access to labor–meeting two of Coleman Powersports and Masonite Corporation’s goals for their expansion,” said Matt Dornak, Managing Director of Stream Dallas. “Dalfen analyzed the park and built a logistics center that appeals to many companies demanding space in the Mesquite area. The 1.3 million square feet of phase II is much-needed industrial space to the area and meets the needs of tenants we are seeing in the market.” Dornak and Senior Vice President Ryan Wolcott provide leasing services at the development. For leasing information, contact Stream Dallas at 214.267.0400.

About Stream Realty Partners

Stream Realty Partners is a full-service commercial real estate firm with integrated offerings in leasing, property management, tenant representation, development, construction management, investment sales, and investment management services. Headquartered in Dallas, Stream is dedicated to sourcing acquisition and development opportunities for the firm and its clients. Since 1996, the company has grown to a staff of more than 1,200 professionals with offices in Atlanta, Austin, the Carolinas, Chicago, Dallas, Denver, Fort Worth, Houston, Greater Los Angeles, Nashville, Northern Virginia, Phoenix, San Antonio, and Washington, D.C. Stream completes more than $5.8 billion in real estate transactions annually and is an active investor and developer across the nation. Visit www.streamrealty.com.

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CONTACT:
Brian J. Medricka
Stream Realty Partners
Director, National Communications, Public & Media Relations
214.560.3033

Newmark Announces Sale of 156-Unit Luxury Multifamily Asset in Austin, Texas

Posted on by Sarah

Austin, TX (November 30, 2022) — Newmark announces the sale of Radius on Grove, a 156-unit multifamily asset located at 2301 Grove Boulevard in Austin, Texas, four miles from downtown. Newmark Vice Chairman Patton Jones and Managing Director Andrew Dickson represented the seller, Hilltop Residential, a national real estate investment company focused on acquiring and renovating underperforming multifamily properties, in the sale to the buyer, Square House Capital LLC. The property sold for an undisclosed price.

“Radius on Grove has a prime location, with outstanding fundamentals,” said Jones. “Over the past 12 months, Austin has continued to be one of the fastest growing metropolitan areas, making the multifamily asset a suitable entry-investment into the region for Square House Capital LLC, which specializes in acquiring and operating multifamily properties in high growth markets.”

“Radius on Grove is a premier asset with tremendous upside that fits our growth strategy to improve the quality of our investment portfolio and the communities we serve,” said Square House Capital LLC Founder Kindi Mann. “We were attracted to the community’s location within the Southeast Austin/Riverside submarket because of the area’s rapid growth and proximity to major employment and entertainment. This is our first investment in Austin, a city that continues to exhibit proven fundamentals—a strong job market, population growth and robust rent growth.”

Acquired by Hilltop Residential in 2018, Radius on Grove boasts contemporary renovations, resort-class amenities and condo-grade finishes. With a 98% occupancy rate at time of sale, the asset is located within minutes of major employers—Oracle headquarters, Tesla, Google and others—and is adjacent to outdoor recreation, the city’s major entertainment districts and numerous restaurants.

Ranked in the top five “Best City to Live in the U.S.” by U.S. World & News Report in April 2021, Austin has seen mass in-migration over the past five years with employment growth averaging an increase of 3.3 percent per year and thousands of jobs expected in the pipeline. Additionally, over the past 12 months in the Central Business District, submarket rental rates grew by 22.3 percent in the first quarter of 2022, according to Austin Investor Interests.

About Newmark

Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

People Need More Space, Fortunately for Self-storage

Posted on by Sarah

City living comes with cons—and for many, it’s sacrificing square feet. Fortunately for the self-storage sector, less space in the home means more is needed outside of it, causing an increase in storage units near multifamily hotspots.

The decade marked high construction volumes across the U.S., with almost 350 million square feet of storage space delivered from 2012 to 2021, 22% of overall existing inventory. Over the same time, 3.1 million new apartments in 50+ unit buildings were added, and 427,000 new rentals were added to the national market last year alone. But not all metros were created equal—RentCafe and YardiMatrix recently analyzed the country’s largest metros to identify the places self-storage is doing the best, in correlation with a growing apartment market. Chicago was No. 4.

From 2012 to 2021, Chicago added 11.5 million square feet of storage space and almost 72,000 multifamily units, reaching a peak for self-storage construction in 2016 with 2.1 million square feet of space delivered. Yet it’s just the start of what’s to come.

Developers are currently amping up their construction efforts to keep up with demand, despite economic challenges, with 2.6 million square feet of storage space currently planned and under construction.

Still, Chicago’s numbers are low in comparison with metros like Dallas and Houston. People continue to relocate to the Lone Star State from hubs like San Francisco, New York City, and even Chicago, bolstering its economy more and more.

One of the most popular relocation destinations in the country—Dallas-Fort-Worth-Arlington—saw a 17% population growth over the past decade, based on the report, leading, naturally, to increased demand for both housing and self-storage, and the market was quick to respond. Nearly 200,000 new apartments and 20+ million square feet of storage space was delivered during the decade, the most in any metro across the U.S.

Of course, Dallas’s quick recovery post-pandemic allowed for the resuming of construction much sooner than other markets. Almost 2.4 million square feet of new storage space and 26,000 new apartments delivered in 2021, according to RentCafe.

As for Houston, RentCafe also found that young professionals continue to flood in with the likes of Hewlett Packard, Maddox Defense, Axiom Space and Sun Haven relocating to the metro in the past few years alone, resulting in 15 million square feet of new storage space and 142,000 apartments delivering during the decade.