Category: Deals & Announcements

Colliers Mortgage Closes Fannie Mae Loan for The Coventry Apartments in Denton, Texas

Posted on by Sarah

The Minneapolis office of Colliers Mortgage, part of Colliers International | U.S., recently closed a Fannie Mae loan for the refinancing of The Coventry Apartments in Denton, Texas. The 240-unit market-rate property was constructed in 2002 and includes 13 three-story buildings, covered parking, a fenced-in dog park, on-site maintenance, a volleyball court, swimming pool, limited gate access, business center, valet trash service, coffee and tea bar, detached garages and detached storage units.

The loan carries a 10-year term and 30-year amortization and was arranged for SPI Coventry 240 DE, LLC.

Koontz Corporation Breaks Ground on Westport Industrial Park in San Antonio

Posted on by Sarah

Koontz Corporation announced that its Westport Industrial Park Project — an industrial spec development in San Antonio — has broken ground. The 374,400-square-foot project is being developed in two phases with the first two buildings totaling 187,200 square feet expected to be completed by February 2023. Located at 438 S. Callahan Road, the project will provide industrial space to San Antonio’s westside.

Strategically located in the business-friendly city of San Antonio and Bexar County, advantages include excellent access to I-410 North and South and I-10 East and West via Loop 151; access to the deep labor pool in the San Antonio metro area population of over 2.4 million; and synergies with other current and future corporate neighbors including Amazon, Bill Miller HQ, Visionworks, Joyson, FGF Brands, Glazer’s Distributors, XPO Logistics, and Fed Ex.

Upon completion, the four-building property will include 24-foot clear height; ESFR fire protection; Clerestory windows for natural lighting; 52’ x 60’ column spacing; 5000 amp electrical service (expandable to 8000 amps); 130-foot truck court plus 55 feet for trailer parking or storage; 23 dock doors and four drive-in ramps per building; and significant on-site parking capacity (480 total parking spaces with dedicated circulation drive).

John Colglazier, Jr., Carlos Marquez, and Colten Courtney of NAI Partners — the commercial real estate services business of Partners Real Estate Company — are the exclusive leasing agents for Westport Industrial Park.

Loomis Expands Houston Presence with New Location

Posted on by Sarah

Loomis, the largest integrated cash distribution network in the United States, has signed a lease to occupy 30,937 square feet at Prologis Park Beltway Antoine 7, according to JLL.

Located in the northwest Houston submarket, Prologis Park Beltway Antoine 7 is a high-quality warehouse space with amenities including ESFR sprinklers, dock levelers, and T-5 warehouse lighting. The property fronts Beltway 8 and provides easy access to Bush Intercontinental Airport, TX Hwy 249, I-45, Downtown, and The Woodlands.

Kevin Block, Kevin Erck, SIOR and Jeff Venghaus, SIOR of JLL represented the tenant. Nathan Wynne and Jason Dillee of CBRE represented the landlord.

Cushman & Wakefield Arranges 18,730-Square-Foot Lease on Behalf of DECA Dental Group

Posted on by Sarah

Cushman & Wakefield has arranged an 18,730-square-foot lease for DECA Dental Group at Park Central 7 in North Dallas.

Ryan Hoopes of Cushman & Wakefield represented the tenant in the lease negotiations. Blake Shipley and Ahnie Sheehy of JLL represented the landlord.

DECA Dental Group is a Dallas-based dental service organization that continues to expand its national footprint under the brand Ideal Dental with locations coast-to-coast. The brand offers a fresh, modern approach to dental care putting their guests first by offering all dental services under one roof with offices open six days a week.

The Towers at Park Central are anchored at the intersection of US-75 and LBJ Freeway. DECA Dental Group’s headquarters operation was previously located in Park Central 8.

A Craze for Self Storage: New Development in Chicago More Than Triples in 2022

Posted on by Sarah

The pandemic heightened demand for self-storage as people squeezed gyms, play areas and office space into their homes. Now there’s a second boom as people choose to continue to work from home, return to the office, or a combination of the two, making self-storage a long-lasting business.

So much so, that over 131 million square feet of new storage space is planned and under construction around the U.S., a number that would increase existing stock by 9%, according to data from Yardi Matrix. Fifty million square feet are scheduled to deliver this year alone.

In order to gauge which areas are expanding their storage inventory the most, RentCafe looked at a couple hundred of the biggest metros and ranked them based on the total rentable square footage currently planned or under construction.

Chicago-Naperville-Elgin, specifically, ranks No. 10 nationally for new self-storage development, representing a little over 5% of its existing inventory, with 2.6 million square feet of space scheduled to come online. This is a 270% increase compared to 2021.

Ninety-one percent of the new self-storage facilities planned for Chicago are located in urban areas. This trend makes sense due to the lack of space that comes with city living, compared to suburban living spaces. The average size of an apartment in the city of Chicago is 750 square feet, according to RentCafe — well below the national apartment average of 882 square feet.

It helps self-storage, too, that people are having to downsize due to rent growth. The average street rate in Chicago is at $114, up 7% year-over-year. It’s a chain reaction. Rising rents leave many residents no choice but to downsize, therefore driving demand for storage outside of the home.

It was also found that Chicagoland expects to have a 5% increase in total supply once all development projects are completed.

Aside from Illinois, Texas’s population continues to grow exponentially, only driving demand for self-storage.

Dallas-Fort Worth-Arlington continues to add new self-storage space to its 72 million-square-foot inventory. Dallas is the third most active self-storage market in the U.S., based on the report, with its new supply pipeline counting over 5.4 million square feet.

Houston-The Woodlands-Sugar Land ranks No. 16 nationally for new developments, with close to two million square feet of planned and under-construction self-storage space to be added to its 68-million-square-foot inventory.