Category: Deals & Announcements

City of McAllen receives biggest monthly sales tax remittance in history 

Posted on by Mia Goulart

The sales tax allocation for the City of McAllen for February is $10.6 million, up 7.94% from last year’s revenue generated in retail sales for the same month of December (2022 vs 2021), when McAllen collected a record $9.8 million in sales tax revenue.  

“Sales tax revenue is not only a boost for economic development for our community, but also, helps to provide property tax relief to McAllen taxpayers, allowing the City of McAllen to have one of the lowest property tax rates in the Rio Grande Valley,” said McAllen City Manager Roel “Roy” Rodriguez, P.E.  “McAllen is the top South Texas retail destination south of San Antonio, drawing in shoppers from throughout the region, including northern Mexico.  This allows the City of McAllen to continually invest in the quality of life for our residents and all who come to work, play, shop or do other business in the city.” 

Year to date sales tax allocation for the City of McAllen is currently up 5.81% from last year.

CBRE arranges sale of 550-unit self-storage facility

Posted on by Mia Goulart

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.

CBRE brokers sale of self-storage facility in Austin

Posted on by Mia Goulart

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

Posted on by Mia Goulart

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

Posted on by Mia Goulart

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.
  • 2221 Merit Drive, Dallas, TX
  • 15995 N. Barkers Landing Road, Houston, TX

Lucid expands DFW presence with new Class A office

Posted on by Mia Goulart

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.