CBRE arranges sale of 550-unit self-storage facility

CBRE arranged the sale of a 550-unit self-storage facility at 2401 E. Ben White Blvd. in Austin.

CBRE’s Self Storage Advisory Group represented the seller in the transaction, global investment company KKR. The buyer, Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered, and self-managed real estate investment trust.

The facility has 52,203 rentable square feet with units ranging in size from 25 to 300 square feet. The property features a gated entrance with key code access, climate-controlled units, on-site manager and 24-hour video surveillance.

From Tiny Acorns, Mighty Oaks Do Grow

Sitting in a boring business meeting in 1975, my mind began to wander. How to lease up the new two-story office building I had just completed on Richmond Avenue? Then the idea came: I’d plant a little grove of trees in the long, dull esplanade that lay in front of the building to make it more inviting.

So that’s what we did, my partner John Kirksey and I, with shovels and some young pine and oak trees.

The newspaper did a story on this mini grove, and I was contacted by the late attorney and civic leader Carroll Shaddock, who saw the story and whose organization Billboards, Ltd., was well on the way to reducing Houston’s scourge of tall signs from 15,000 to 1,500, a project which took many years and much hard work.

Carroll was fascinated by the idea of planting trees on a barren Houston street, and he was looking to give birth to an organization focused on adding something to the city, in addition to taking something away (i.e., the billboards). It was noted that although Houston does not have beautiful mountain ranges or other topographical features, it DOES have a climate that can grow luxurious trees, creating neighborhoods like those found in and around Rice University and the Museum District.

Carroll asked me to serve on the board of directors of his redirected organization, and Billboards, Ltd., became Scenic Houston.  Also on the board were numerous other civic leaders from branches of city government and private citizens who wanted our city to be more attractive. I was a member of this board for over 30 years.

Carroll and the young organizations identified candidates for city council and mayor, and took them to lunch before before the elections to tell them about the various efforts on billboards and trees and ask for their support. Most of the candidates got on board with the beautification goals before they were elected and supported them ongoing after they began to serve.

Trees For Houston, a new organization specifically dedicated to planting and maintaining thousands of street trees was spun off, financed by private and corporate contributions.  Trees were not just planted willy nilly and forgotten, but instead, long thoroughfares on all sides of the city were chosen and green corridors were planted to as to make a statement on a given street. Provisions were made for watering trucks to see the young trees through their early months while they were getting established.

Kirby Drive and Broadway from the Gulf Freeway to Hobby Airport are just two of many thoroughfares which have been enhanced by the efforts of Trees For Houston.

In the meantime, various projects by Scenic Houston, including specifications for walkable streets and parks—“Streetscapes”—were being noticed by other Texas cities, and they came to Houston for guidance in setting up their own programs. Scenic Texas was formed, which now encompasses towns and cities across the state. Instead of being the state poster child for haphazard no-zoning growth, Houston’s reputation slowly began to change.

Individual Houstonians, with dreams, energy and money have made a difference.  Other world cities such as Paris, Vienna, Manhattan, and elsewhere, which are known for their open spaces, broad avenues, wooded parks and tree-lined esplanades, must also have been the result of individual citizens, years-or centuries-ago, who dreamed large. Houston and other Texas cities are following their lead, starting with dreams like tiny acorns.

And not only did our building lease up, but over time, other property owners the length of Richmond Avenue have planted this long throughfare with thousands and decorated it with urban sculpture. 

Our original grove was at 6009 Richmond Avenue. Go see it and imagine it without one tree, as it was in 1975.

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About the Author: Ray Hankamer is a retired hotel and office building developer, who as general partner of Southwest Inns, Ltd., operated at the peak 14 hotels and five suburban office buildings, mostly located in the Greater Houston market.

CBRE brokers sale of self-storage facility in Austin

CBRE brokered the sale of a 1,041-unit self-storage facility at 5656 North Interstate 35 in Austin.

CBRE’s Self Storage Advisory Group represented the seller, global investment company KKR, in the transaction. The buyer is Dallas-based Baranof Holdings, both a developer and long-term investor in self-storage.

The property, managed by CubeSmart Self Storage, has 100,417 square feet of net rentable space, is climate controlled, and has 24-hour video surveillance. Its location is directly off the I-35 freeway, providing visibility to approximately 227,00 vehicles daily, and sits directly across from the Capital Plaza Shopping Center, as well as a less than 10 minute drive from the University of Texas at Austin. The facility was approximately 90% occupied at the time of sale.

The total population within a five-mile radius of CubeSmart is approximately 359,000, with the three- to five-mile average household income ranging from $102,563 to $114,379. According to CBRE Research, approximately 75% of the state’s population is within the Austin region.

Two new property management assignments bolster Stream Realty Partners’ industrial portfolio in San Antonio

Stream Realty Partners will now manage an additional 3.5 million square feet of warehouse space as two global real estate investment companies expand their relationship with the firm’s San Antonio office.

Stream, a national commercial real estate firm offering an integrated platform of services, will oversee 1.6 million square feet at BentallGreenOak’s Enterprise Industrial Park and 1.9 million square feet across a three-county portfolio from Ares. These expansions, combined with other new assignments, bring Stream San Antonio’s industrial property management portfolio to 8.3 million square feet, a 286% increase over less than two years.

Kathy Carter, vice president of property management at Stream San Antonio, continues to work with the firm’s industrial brokers to showcase her team’s capabilities and how they can benefit a client with a more holistic approach to commercial real estate. Stream San Antonio has added seven new clients to the roster over the last 20 months and expanded services among existing customers, including San Antonio’s first property management assignment in the Rio Grande Valley.

Stream has developed and launched its specialized five-star Legendary CX Property Management platform nationwide. The offering delivers a distinctive customer experience that focuses on real connection, dedication, and care. Stream property managers add value by delivering uniquely memorable experiences at every interaction and every property.

The San Antonio market has delivered more than 6.8 million square feet in new warehouse construction since 2020, with the area’s industrial vacancy rate continuing to drop below 6%. An additional 8 million square feet are currently under construction, including Stream San Antonio’s Interpark Logistics Center. The infill industrial development will consist of five buildings spanning 689,000 square feet of speculative space.

Hartman announces new leasing transactions in Dallas and Houston

Hartman INCOME REIT MANAGEMENT, Inc. has recently announced two leasing transactions in Texas:

  1. Integrated Telecom Solutions renewed 2,018 square feet at 12221 Merit Drive in Dallas. In the transaction, Alex Houston represented the landlord, Hartman Income REIT Management, Inc. 
  2. ZAP Engineering & Construction Services Inc. Expanded 3,610 square feet at 15995 N. Barkers Landing Road in Houston. In the transaction, Kacie Skeen represented the landlord, Hartman Income REIT Management, Inc.

Lucid expands DFW presence with new Class A office

Lucid Private Offices, formerly known as WorkSuites, has signed a 31,000-square-foot lease at International Business Park located at 6275 W. Plano Parkway. The company will occupy the fifth floor of the newly constructed Class A office building.

JLL’s Trevor Franke and Gini Rounsaville represented Billingsley Company, the landlord, and CRESA’s John Pelletier and Austin Studebaker represented the tenant, Lucid Private Offices.

The five-story office building in the heart of Dallas’ Platinum Corridor features 48,000-square-foot floor plates, large windows, art installations, and balconies on multiple floors. It also overlooks a park with a walking trail and outdoor workspaces. Furthermore, the 10,000-square-foot amenity center next door includes a fitness center, conference center, tenant lounge and mini market.

Phase two of the International Business Park’s expansion will bring an additional 280,000 square feet of space to the market and is set to be delivered in March. The building, with balconies on Floor 4 and 5, will be the largest in the park and is expected to be 20% leased at the time of delivery.