Marcus & Millichap brokered the sale of Right Move Storage, a 44,325-square-foot storage facility in Houston, Texas. 

Dave Knobler, senior managing director investments, and Mixson Staffel, associate, in Marcus & Millichap’s Houston office, along with Charles “Chico” LeClaire, executive managing director investments in the firm’s Denver office, marketed the property on behalf of the seller, a Texas-based LLC. The buyer is a Florida-based LLC.  

Right Move Storage is located at 12220 Beechnut Street and sits on 2.54 acres with five metal-framed, single-story buildings totaling 367 units, including 342 non-climate-controlled storage units and 25 outdoor parking spaces along the perimeter of the property. Built in 1985, the facility has approximately 215,000 people living within a 3-mile radius and offers amenities such as roll-up doors, concrete driveways, perimeter wrought-iron fencing and a full-service on-site manager’s office and residence. 

SRS Real Estate Partners brokered the sale of Independence Plaza, a 14,966-square-foot multi-tenant retail property at 5266 Independence Parkway in Frisco, Texas.

Built in 2018 and situated on 1.86 acres, the property is fully occupied by seven food and service-based tenants. 

SRS Capital Markets Vice President Michael Kaplan represented the seller, a family office who developed the property. The buyer was a Texas-based private investor.

The property is located off of Sam Rayburn Tollway which averages 94,000 vehicles passing by per day and is at the center of a primary retail corridor with nearby tenants including Target, Lowe’s, Ross, and Kroger, among others. There are approximately 362,000 residents and 134,000 employees within a five-mile radius.

This is the fourth property the SRS team has closed in the DFW area within the past three weeks. The other assets included Shops on Main in Midlothian, a multi-tenant retail property; and North Grove Center I, a multi-tenant retail and office asset, as well as North Grove Center II, a single-tenant restaurant property in Waxahachie.

Stream Realty Partners awarded the leasing, property management, and construction management assignment for Westchase Park I & II, a recently constructed Class-A multi-tenant office campus totaling 579,032 square feet in Houston.

The new ownership, Canyon Creek Real Estate, acquired the property on May 30.

Comprised of two, institutional-quality, LEED Gold-certified office buildings on a 15.2-acre site, Westchase Park I & II—located at 3700 W Sam Houston Pkwy S and 3600 W Sam Houston Pkwy S—is connected by a centralized, state-of-the-art, 8,000-square-foot amenity center featuring a full-service cafe, conference center, fitness center, and an outdoor seating area.

The leasing team is led by Stream Managing Director Matt Asvestas and Vice President Brian Strait, who will oversee leasing efforts and position the park-like campus as a prestigious office destination.

PAGEWOOD and Long Wharf Capital acquired Crossroads at Brittmoore, a 292,200-square-foot business park in Northwest Houston.

The 20-acre infill shallow bay business park comprises 13 buildings and is currently 91% leased. Located at 2121 Brittmoore, its premier location in the southern Brittmoore corridor positions the property at the intersection of both I-10 and Highway 290.

Acquired from ABCO, the property features 13 buildings with suites ranging from 2,000 to 20,000 square feet with an average suite size of 3,500 square feet, catering to small and midsize businesses. Planned enhancements include:

·      Extensive landscaping upgrades to increase existing visibility and prominence along the Brittmoore Corridor

·      New perimeter fencing and secure access points to enhance safety

·      Walkway canopies across all buildings for added convenience

·      Vibrant exterior paint refresh to modernize the park’s appeal

·      Improved wayfinding signage 

·      Concrete repairs throughout the park

Renovations are planned to begin this summer and be completed by Q3 2026. 

Warren Hitchcock and Blane Eikenhorst with Northmarq represented PAGEWOOD securing new debt with Veritex Community Bank, represented by Brent Reed and Aaron Gowe in the transaction. Tyler Manor, Brandon Preece, and Natalie Gilbert with Stream Realty Partners are leasing the project.

The acquisition of Crossroads at Brittmoore brings Pagewood’s Houston shallow bay portfolio to a total of 1.2 million square feet.

JLL Capital Markets closed the sale of an industrial portfolio spanning Denver, Houston and New Jersey. The transaction involved 10 high-quality industrial properties totaling 2.1 million square feet.

JLL represented the confidential seller in the sale. Principal Asset Management^SM and a state-sponsored pension plan acquired the assets.

The portfolio, which is 96.7% occupied, comprises five properties in Denver, four in southwest Houston and one in northern New Jersey. With an average building size of 210,000 square feet and an average clear height of 32 feet, the portfolio boasts modern features and strategic locations in high-growth markets.

In Denver, which accounts for 56% of the portfolio’s square footage, the assets are situated between the airport and downtown, capitalizing on the city’s growing logistics needs. The Houston properties, making up 34% of the portfolio, are well-positioned in the Southwest submarket. The New Jersey asset, located at Exit 8A of the New Jersey Turnpike, offers excellent access to the Northeast corridor.

The JLL Capital Markets Investment Sales and Advisory team included Senior Managing Directors and Industrial Group Leaders Trent Agnew and John Huguenard, Senior Managing Directors Peter Merrion, John Plower and Patrick Nally, Managing Director Charlie Strauss, Senior Director William McCormack and Director Robert Key.

It sounds alarming: For the first time in 16 quarters, U.S. retailers in the first quarter of this year vacated more space than they leased.

That is one of the key findings of JLL’s recently released Q1 Retail Research Outlook, which looks at the state of the U.S. retail sector during the first quarter of 2025.

Other findings seem troubling, too: Net absorption in the U.S. retail sector sunk to negative 2.7 million square feet in the first quarter, JLL reported. And announced retail closures from 2024 through early 2025 totaled more than 9,900 locations, driven by store closings from struggling retailers such as Party City and Big Lots.

But the retail news isn’t all bad. It’s not even mostly bad. As JLL reported, these retail closures put millions of high-demand retail square footage back into the market for the second quarter of this year and beyond. Naveen Jaggi, president of retail advisory services with JLL, said that this bodes well for the future of the retail market: He expects leasing activity to rise as more companies seek out high-quality retail space that is now hitting the market.

We spoke with Jaggi about JLL’s report and the state of the retail market. Here is what he said.

Why is so much retail space being vacated today? Is it surprising that retailers vacated more space than they leased in the first quarter?
Naveen Jaggi: This was the result of two to three years of build-up from retailers that have been on the watch list of bankruptcies. We have been anticipating these closures for some time. They were nothing that took us by surprise. No one was surprised that Joann closed. Everyone was expecting it. It just seems more shocking when all these expected closures happen at the same time.

Most of the space being left by these retailers will be in high demand. The space will be taken up quickly. The headlines, though, are all about a lot of retail space coming to the market by bankruptcy.

Despite these high-profile bankruptcies, the retail sector is resilient today, right?
Jaggi: Retail has been resilient in part because we have a historic low of new construction activity in this sector. We have had multiple years of lower-than-average retail construction. There is a demand for quality space and markets. You must create supply one way or another. Sometimes it means that you work tenants out of spaces that are old and dying. We are in that environment now. When dying companies put space back on the market, it helps fill the demand by retailers that are growing.

What kind of retailers are performing well today?
Jaggi: Value-oriented daily needs retailers are the biggest players today. Places like Dollar General, Burlington, Dollar Tree are aggressive players. Ross Dress for Less is doing well. Retailers that play in that value daily needs space are taking quality space. We are seeing the U.S. consumer looking for ways to stretch their dollars. More players are in that space to meet that demand from consumers.

There is an entire sector of consumers who look for quality products at stores like T.J. Maxx or DSW at a value price. That is a financial demographic that wasn’t nearly as strong 10 or 15 years ago.

How about experiential retail? Is that still in demand?
Jaggi: Every retailer has realized that providing an experience is important. You must give the consumer a better experience, whether you are talking about a grocery store like grocery like Sprouts or a store like T.J. Maxx. Retailers have to give consumers a reason to come into their stores.

We are seeing more retail that combines food with entertainment, such as Punch Bowl Social in Chicago, which combines food with bocce ball, bowling and other entertainment. There are also places like The Color Factory, which provide an immersive art experience.

The U.S. consumer is attracted to those concepts. But for some of these, the verdict is still out on whether they will have long-term success. What we haven’t seen yet is whether these concepts have 10-year legs. We haven’t seen whether these concepts will reach 10 years or not. The true tale will be in 2030 when we see if these retailers will sign extensions. Are they only good concepts for a short period?

Was there anything in JLL’s first quarter retail report that surprised you?
Jaggi: Nothing took us by surprise. The broader comment I’d make, though, is that we can’t take the U.S. consumer for granted. The U.S. consumers can only take so many negative headlines, so many shocks before they start to retreat a bit. We are in an environment now in which U.S. consumers need some stable news. If consumers feel uneasiness in the marketplace, they will pull back on their spending. The one thing we don’t know is how resilient consumers will be over time in an environment in which you have bad news atop of bad news.

Employment is strong. The labor market feels strong. Wages feel strong. The equities market is back to a healthy level. Yet there is continual talk of whether they’ll be a war or whether we’ll have high tariffs or low tariffs. These things make it hard for consumers to want to shop. Many will look for places where they can find items and not face sticker shock.

Is the threat of tariffs have any impact on retailers?
Jaggi: Tariffs are not slowing retailers yet. But it’s important that we don’t let the headlines distract us from the fact that retail is a long-term outlook business. In the long term, things are good. There is no sense that tariffs will be in place forever. Retailers are saying that it’s important not to overreact to tariffs.

Retailers learned important lessons during the pandemic. They have diversified their supply chains. They can go from Peru to Bangladesh to Vietnam or China to see where pricing is least exposed to tariffs. That is where retailers are focusing their energy.

When you go shopping, look at the products on the shelves. Look at where they are made. Five, six years ago so much of it would have been made in China. If you look today, it is very diversified. Athletic shoes are still predominantly made in China. Other than that, there is a greater diversification of where products are made. I was in Houston a week ago and I saw Izod polo shirts that were made in Peru.

We were at the ICSC Las Vegas recently. I was pleasantly surprised when talking to people to learn that most retailers are not overreacting to tariff talk. Retailers are not changing their behavior now based on a short-term conversation on tariffs. That was a pleasant outcome, not seeing any overreaction.