SRS Real Estate Partners completed the $9.11 million sale of a newly developed 6,461-square-foot convenience store property occupied by TXB in the Austin, Texas, region.

Situated on 4.52 acres of land at 145 Lehman Road in Kyle, Texas, the property has a 20-year, corporate-guaranteed triple net lease in place. TXB, or Texas Born, is a family of customer-oriented convenience stores and quick food operations with more than 48 locations in Texas and Oklahoma.

SRS Capital Markets Executive Vice President and Managing Principal Patrick Nutt and Senior Vice President William Wamble who are based in Florida represented the seller, a Southeastern U.S.-based private developer. The buyer was a Virginia-based 1031 exchange buyer.

TXB was named by CStore Decisions as the winner of its 2023 Convenience Store Chain of the Year. The property is situated on a signalized intersection in a dense retail corridor and is near the Interstate 35 on/off ramp.

Year to date, SRS Capital Markets has completed approximately $731 million in deal volume comprised of 182 transactions in 34 states. SRS currently has in excess of 698 properties actively on the market with a market value surpassing $3.7 billion.

PartnersReal Estate arranged the sale of a 19,279-square-foot multi-tenant medical/retail property at 9707 Anderson Mill Road in Austin, Texas.

Partners’ Ryan McCullough and Sean Anderson represented the seller, Scott M. Morledge and Bruce A. Wencel, in the transaction. The buyers, Abhishek Mathur and William George of Excelsior Capital, represented themselves.

The team procured multiple offers and secured favorable seller-financing terms to help the property owner preserve sale value amidst difficult market conditions. The buyer was a national medical/retail investment fund in a 1031 exchange.

Renters looking for more space are in luck: A new report says that the average size of new apartment units in 2023 increased substantially when compared to a year earlier.

According to RentCafe’s latest apartment-size report, released in early June, the average size of a new apartment in the United States stood at 916 square feet in 2023. This is largely because developers added a greater number of two- and three-bedroom apartment units last year.

That number is a big increase from 2022, when the average size of a new apartment in the United States was only 889 square feet, largely because of the higher number of studio and one-bedroom apartments that developers added to the nation’s multifamily stock.

Where renters live, though, helps determine how large their apartment unit is likely to be.

RentCafe found that the average size of new apartments stood at 1,173 square feet in Gainesville, Florida, in 2023, tops in the nation.

The first Midwest market on RentCafe’s list was Knoxville, Tennessee, which boasted an average new apartment size of 1,057 square feet. That is 18.1% bigger than in 2013. Knoxville’s average new apartment size ranked fourth in the country last year.

Coming in at 10th place on RentCafe’s list was Louisville, Kentucky, with an average new apartment size of 1,017 square feet, 15% larger than 10 years ago. Overland Park, Kansas, ranked 17th, with an average new apartment size of 985 square feet, the only other Midwest market in the top 20.

In Minneapolis, the average size of new apartments stood at 780 square feet in 2023, while the average size of all apartmnts was 713 square feet. Those numbers stood at 865 square feet and 827 square feet in Madison, Wisconsin, and 835 square feet and 788 square feet in Milwaukee.

And in Chicago? The average new apartment in 2023 boasted 801 square feet, while the average size of all apartments was a more snug 704 square feet.

JLL Capital Markets has arranged financing for Anna Self Storage, an 840-unit self-storage facility in Anna, Texas.

JLL worked on behalf of the borrower, HPI Real Estate, to secure the five-year, floating-rate acquisition loan with Security National Bank.

Anna Self Storage is located at the intersection of Ferguson Parkway and Highway 455 in the heart of Anna, surrounded by retail and residential development. The property is the newest self-storage facility in the trade area.

HPI, based in Austin, Texas, has developed and acquired over 40 self-storage properties.

Completed in 2023, the two-story facility totals 103,000 square feet. The climate-controlled building is currently in lease-up with 30% of the units occupied at the time of the loan closing.

The JLL Capital Markets Investment Sales and Advisory team representing the borrower was led by Managing Director Casey Wenzel, Director John Bauman and Associate Luke Rogers.

M2G Ventures and Pennybacker sold the more than 250,000-square-foot PROTO Park industrial project at 3200 Irving Blvd. in Dallas to Irvine, California-based Bendetti for an undisclosed amount.

The joint venture acquired PROTO Park in September 2020 and completed the redevelopment of the project in the fourth quarter of 2021. It transformed from a 1960s brick warehouse into a premier project of choice for logistics companies, consumer distribution tenants and e-commerce players unlike any other.

PROTO Park represents one of the most desirable infill locations in the DFW industrial market by filling a much-needed niche in the West Brookhollow submarket. Strategically located between I-35, State Highways 183 and 114, the project is three miles from Uptown Dallas, four miles from Dallas Love Field, and five miles from Downtown Dallas, making it an ideal last-mile location easily accessible from the city’s most affluent and densely populated areas.

Besserer said M2G’s strategy and ingenuity influenced each design decision down to suite locations. He credits the project’s success with M2G’s laser focus on attracting a great tenant base. The property is 100% leased to Morrison Supply, Taxila Stone, Preziosa Stone, Dynasty Distilling and an undisclosed international aviation group.

Newmark Vice Chairmen Dustin Volz and Stephen Bailey, Senior Managing Director Dom Espinosa, Managing Director Zach Riebe, Analyst Travis McEldowney and Transaction Manager Caroline Wilson represented M2G Ventures in the sale to Bendetti. Stream Realty Partners Senior Vice President Sarah Ozanne and Vice President Lena Pierce Thomas represented M2G for leasing.

Leasing momentum for M2G-developed properties continues in West Brookhollow, Besserer said. The company’s six-building Archetype at 3131 Irving Blvd., made for light industrial, flex, showroom and retail, currently has 5k to 25k SF available. Additionally, Woodall at 4919 Woodall St., is a perfect choice for logistics, showroom, distribution, manufacturing or e-commerce for a single-tenant user with up to 50k SF available.

Stream Realty Partners announced the expansion and relocation of Tigerhawk Logistics, a Houston-based logistics company within Portside Logistics Center, an industrial development in the highly sought-after Southeast Houston industrial submarket.

Tigerhawk Logistics has substantially expanded its presence within the logistics center, more than doubling its space from 135,285 square feet in Building 2 to an impressive 328,048 square feet in Building 1. This strategic expansion underscores Tigerhawk Logistics’ steadfast commitment to continuous growth and operational excellence.

As part of the expansion, Stream’s Construction Management team is actively building out a custom designed office space, amongst other improvements, for Tigerhawk Logistics within Building 1, further enhancing the tenant experience.

Portside Logistics Center, a Joint-Venture development between Principal Asset Management and Stream Realty Partners, is located at 4838 and 4908 Borusan Road in Baytown, Texas. The premier industrial development boasts over 1 million square feet and offers immediate access to Grand Parkway (State Highway 99), Interstate 10, Highway 225, and Highway 146, allowing expedited access to Port Houston’s two container terminals – Barbour’s Cut and Bayport. 

Portside Logistics Center offers multiple configurations and size ranges from 432,316 square feet in a cross-dock configuration (divisible to 216,158 square feet) and a 258,248-square-foot front-load building (divisible to 122,963 square feet). Both buildings were developed to the highest standards, featuring speculative office space, LED warehouse lights (two per bay), a white-boxed interior warehouse, painted columns, caulked control joints, and fully fenced and secured truck courts. The project is seeking LEED certification.

Stream Managing Director Tyler Maner and Executive Vice President Jeremy Lumbreras serve as the leasing agents for the project and helped complete the deal. Robinson heads up the development management alongside Tyler Wellborn, Craig McKenna, Matthew Sibley and Kristina Gibson. Tigerhawk was represented in lease negotiations by Grant Hortenstine and Pearce Martens with CBRE in Houston.

Building 1 has 432,316 square feet available for immediate occupancy. Building 2 is available (258,248 square feet) and divisible to 122,963 square feet. For more information, contact Stream Houston at 713.300.0300.