Author: Sarah

Class-A Self-storage Facility in Austin Sells to Extra Space Storage

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JLL Capital Markets has closed the sale of Woodland Self Storage, a 92,288-square-foot, 952-unit, Class-A storage facility in Austin.

JLL marketed the property on behalf of the seller, Endeavor Real Estate Group. Extra Space Storage purchased the asset. The sale closed on July 19th.

Woodland Self Storage is a climate-controlled facility built in 2019 located along Interstate 35, near Downtown Austin at the intersection of I-35 and Woodland Avenue. With over 400 feet of prime highway frontage, the property benefits from excellent visibility to over 200,000 vehicles per day. The facility was 70% occupied at the time of sale and is fully equipped with best-in-class features and amenities, including electronic access control, secure fencing, elevator access, 24-hour video surveillance and a retail-oriented customer service office.

The property is further benefited by the explosive population in-migration and residential growth currently being experienced in Austin. More than 8,600 new apartment units and 730 new single family home sites are currently being added within a three-mile radius of the property. Woodland Self Storage is located within the Travis Heights neighborhood, which boasts an average household income of $112,000 and a median home price of over $1.3 million, ranking it among the most affluent neighborhoods in Austin.

The JLL Capital Markets team representing the seller was led by Managing Directors Steve Mellon and Brian Somoza and Directors Adam Roossien and Matthew Wheeler.

MetroNational Announces Quanex Building Products Corporation to Move Headquarters to 945 Bunker Hill

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MetroNational announced that Quanex Building Products Corporation will move its Houston headquarters to 945 Bunker Hill Rd in Memorial City.

Quanex Building Products Corporation, a local industry-leading manufacturer of building products, recently signed a lease occupying a 16,545 square-foot space in the Class-A officing building. Brad MacDougall and Warren Alexander represented the landlord, MetroNational, and Andy Iversen, John Luck and Kaitlyn Duffie of Newmark represented the tenant, who will move in September 2023.

945 Bunker Hill is a 14-story, LEED Silver Class-A office building owned and managed by MetroNational. Memorial City office tenants have access to a roster of exclusive amenities, including membership to its fitness center, Memorial City Club; complimentary shuttle service; interconnected skywalks to dining, retail and entertainment attractions; discount programs; and regular office tenant events.

Colliers Mortgage Closes $17.7 Million HUD 213 Loan for Village Cooperative of Century Hills in North Richland Hills

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The Minneapolis office of Colliers Mortgage closed a $17.7 million HUD 213 loan for the new construction financing of Village Cooperative of Century Hills in North Richland Hills, Texas. The 55-unit age-restricted cooperative is the first cooperative to close under the Section 213 program in the State of Texas.

Village Cooperative of Century Hills will bring a new home ownership option to the area for active adults (62+) to enjoy living in this vibrant community without the worries of maintenance, repairs, or repair bills. The homes will range in size from approximately 889–1,770 square feet on one level within a three-story building built over secure parking. Property features will include a community area with full kitchen, club room, fitness room, reading areas, shop/craft room, guest suite, garden plots, and underground temperature-controlled parking—all within a fully secure building.

The loan carries a 40-year term/amortization and was arranged for Village Cooperative of Century Hills.

Hartman Property Management Achieves World Class Ranking in Latest NPS Survey

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August 5, 2022 (Houston, TX)—Hartman Income REIT Management, Inc. (Hartman), a commercial real estate operator of its portfolio owned by its affiliates, headquartered in Houston, Texas, announces its achievement and ranking as a World Class firm for its latest Net Promoter Score® (NPS) survey. The firm surpassed its previous score of 69.3 percent by charting a remarkable 71.2 percent for the third quarter of 2022.

“I cannot speak highly enough of our outstanding property management team whose hard work and dedication to their tenants are displayed through our results of the flawlessly executed survey. They genuinely care about their tenants, and this world class score undoubtedly establishes that truth!” shared Kelly Agent, Hartman’s Vice President of property management.

NPS is a market research tool used to measure the loyalty and satisfaction of a company’s customers. In turn, companies use the collected data to assess and improve customer service. Twice a year, Hartman’s property management team requests tenants to use the elective survey to rate their likelihood of recommending the company.

In July, Hartman’s property management team conducted the semiannual survey and received not only their highest score yet but with an improved response rate of 35 percent.

“Improving our score while also increasing the number of surveys taken is a record in and of itself.” shared Al Hartman, President and CEO. “Increasing the number of promoters and decreasing detractors while gathering the highest participation rate in our company history is a testament to the level of excellence on which our property managers operate on.”

Hartman’s world class score of 71.2 was achieved through the reception of perfect tenant ratings at 14 of its properties and ranks the firm 41 percentage points higher than the industry average. Other highlights include 80 percent of tenants identifying as promoters of the company.

The semiannual NPS survey is incredibly important to the firm as it helps Hartman’s property management team better understand its customers’ likes and dislikes, and also find areas for improvement. Within the survey, tenants are allowed to leave responses and feedback regarding their experience. Top feedback from

tenants included their appreciation for the team’s quick responsiveness to needs, availability to take phone calls, timeliness of regular check-ins, and friendliness when property management help was needed.

If you are looking to lease office, retail, or industrial space in Houston, Dallas or San Antonio, please contact a Hartman leasing agent for more information. A leasing representative can be reached by phone at 800-880-2212 or by email at leasing@hi-reit.com.

The Former Luby’s on East Mockingbird Lane Recently Sold

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“The former Luby’s at 6221 E Mockingbird Lane sold to an undisclosed buyer for 2.2 acres. The Retail Connection’s Sarah Lamb represented the seller along with two other co-brokers, Michael Miller from Stablemade Group and Walker Hairston from Falcon Realty Advisors. Terms of the deal were not disclosed.”