Bellomy & Co. announced the sale of A+ Storage in Mission, Texas. Mission is part of the McAllen-Edinburg-Mission and Reynosa-McAllen metropolitan areas in south Texas. The property consists of 169 units in 24,100 square feet. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Harlingen, Texas-based seller. They also represented the Lincoln, Nebraska based buyer. Terms of the transaction were not disclosed.
The Howard Hughes Corporation announced that chief financial officer David O’Reilly has been appointed president of the company. O’Reilly will also continue to serve as the company’s CFO, a position he has held since joining The Howard Hughes Corporation in 2016. “I am pleased that David will be assuming the role of president of our company as we continue to unlock value in our portfolio and pursue opportunities for long-term growth,” said Paul H. Layne, chief executive officer of The Howard Hughes Corporation. “David has provided tremendous leadership to our company over the past years as our CFO and has been instrumental in positioning us well for the future. David’s expertise and insights into the complexities of our business, our industries, and the financial realm are an invaluable resource for our company.” The Howard Hughes Corporation owns and operates the country’s leading portfolio of master planned communities, including The Woodlands, The Woodlands Hills, and Bridgeland in the Greater Houston, Texas area; Summerlin, Las Vegas; Ward Village in Honolulu, Hawai’i; and Columbia, Maryland. “I look forward to continuing the success that we have had in focusing our resources into our core portfolio of master planned communities and positioning our company to meet the changing demands of the market,” said O’Reilly. “I would like to thank Paul and our entire board for providing this opportunity. I’m eager to continue to collaborate with the entire HHC team as we remain committed to delivering outsized, risk-adjusted returns to our investors while we work to ensure the long-term success of our business and our communities.”
Institutional Property Advisors (IPA), a division of Marcus & Millichap, announced the sale of Parkwood Terrace, a 144-unit multifamily asset in Round Rock, Texas. Terms of the transaction were not disclosed. “The North Austin area continues to grow rapidly with new developments such as Apple’s $1 billion campus expansion, The District development, Indigo Ridge and the Kalahari Resort and Convention Center,” said Jordan Featherston, IPA senior associate. Featherston, along with IPA executive director Will Balthrope, IPA senior managing director Drew Kile, IPA senior associate Drew Garza and Kent Myers, first vice president investments with Marcus & Millichap in Austin, represented the seller, James Pinheiro. The buyer is Langdon Street Capital. “Five miles from Parkwood Terrace, Mark IV Capital and Gensler are working on a 65-acre office, residential, hospitality and retail project that will be the first of its kind in Round Rock,” said Myers. Built in 2000, the property is 1.1 miles from Interstate 35, which provides access to major employment and retail centers throughout the greater Austin area. Major employers in Round Rock and nearby include Apple Inc., Baylor Scott & White, Dell, Hewlett-Packard and State Farm. The 350-acre Kalahari Resort and Convention Center, which will feature the largest indoor water park in the United States, is scheduled to open this fall less than three miles from Parkwood Terrace. Click to read more at www.rejournals.com.
As Tesla made its first public pitch to bring its Cybertruck factory to Austin, Texas on Tuesday, the company faced concerns from citizens about its treatment of workers, the proposal’s impact on the local housing crisis, the need to give the automaker tax breaks, and most of all, CEO Elon Musk. About 45 residents of Austin and the surrounding area spoke about the factory deal on Tuesday at a virtual public meeting held by the Travis County Commissioners Court, the policy-making and administrative arm of the local government. Many objected to Musk’s behavior during the coronavirus pandemic, including how he reopened Tesla’s California vehicle factory in violation of a local health order, sued the county where the factory is located, and spread misinformation about the virus. Texas is currently experiencing a “massive outbreak” of COVID-19 cases, according to Gov. Greg Abbott. Tesla has spent the last few months soliciting offers for its next US factory from “nearly every state and governor East of the Rocky Mountains,” Rohan Patel, the company’s senior global director of public policy, said at Tuesday’s meeting. But Tesla is now focused on bringing the factory, which is where it will make the Cybertruck and Model Y SUVs bound for the East Coast, to two specific places: either Austin or Tulsa, Oklahoma. Click to read more at www.theverge.com.
Bellomy & Co. announced the sale of Texas Hills Storage in Lago Vista, Texas, 35 miles northwest of downtown Austin. The property consists of 192 climate, non-climate, and parking units in 28,500 square feet. In addition to self-storage rentals, there is also a packaging and shipping operation, retail sales, notary and dry-cleaning businesses on site. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Lago Vista, Texas-based seller. They also represented the Arlington, Texas-based buyer.
Bellomy & Co. announced the sale of Taylor Hutto Self Storage in Taylor, Texas. Taylor is thirty-three miles northeast of downtown Austin. The property consists of 501 climate, non-climate, covered boat and RV, and retail units in 60,605 square feet. The facility was 86 percent occupied. Bill Bellomy and Michael Johnson of Bellomy & Co. represented the Plainfield, Illinois-based seller. Bellomy & Co. is an Austin- and Houston-based commercial real estate firm with a team exclusively focused on the self-storage industry.