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.

After suffering the greatest performance declines in the history of the U.S. lodging industry during 2020, the nation’s hotels will benefit from what is expected to be a relatively rapid economic turnaround in 2021 and 2022, according to the June 2020 edition of CBRE’s Hotel Horizons forecast report. By year-end 2020, the Austin-area hotel market occupancy level is forecast to decline to 40.4 percent, representing a 44.0 decline from 2019 levels. Average daily room rates (ADR) are estimated to fall to $103.13, which is a 28.4 percent decrease from 2019 levels. Resulting revenue per available room (RevPAR) falls from $103.89 in 2019 to $41.66 in 2020, a 59.9 percent decline. Looking forward, occupancies are expected to increase to the mid-60 percent levels by 2022, but not to the relatively high occupancy level of 72.1 percent experienced in 2019. Average daily rates are projected to have strong annual increases, but not surpassing 2019 levels until 2023. While RevPAR estimates show strong annual increases, RevPAR is not expected to surpass 2019 results until the third quarter of 2023. “Austin is a resilient market with many strong, diverse sources of room-night demand, but like the rest of the world, the lodging sector has been hit hard by the pandemic,” said Jeff Binford, managing director of CBRE Hotels South Central Division. “Once travel and social gathering restrictions can be safely lifted, Austin should see recovery more quickly than many other markets. Our expectation is the first wave of travel will be leisure travelers originating from reasonable driving distances, followed closely by business travelers. Groups, events and conventions may take a little longer before full recovery. Once travelers feel safe, many of the great Austin events will be back on the calendar.” Click here to read more at www.rejournals.com.

Marcus & Millichap brokered the sale of a 13,190-square-foot, net-leased CVS property located in Brownsville, Texas, according to Steven D. Weinstock, regional manager and first vice president of the firm’s Chicago Oak Brook office. The asset sold for $7,332,246. Austin Weisenbeck and Sean R. Sharko, senior vice presidents and Matt Emerick, associate, and investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a private investor. Tim Speck assisted in closing this transaction as the broker of record in Texas. The CVS is located at 4531 S. Padre Island Hwy in Brownsville and is shadow-anchored by The Home Depot. CVS has a 25-year absolute-net lease with over 14 years remaining. The property had a fully accepted offer within a week of marketing at 98 percent of the list price.