CBRE changes Dallas HQ plans with new building still on hold

Earlier this month, CBRE announced plans to relocate its Dallas HQ from 2100 McKinney Ave. to the building next door that once housed its now-obsolete flexible workspace concept, Hana, in Dallas’ Klyde Warren Park.

According to CoStar News, CBRE will move into the space at 2121 N. Pearl St. in the coming months and will occupy 67,000 square feet in the building.

It was reported that CBRE had originally planned to build a new tower in Uptown Dallas, but plans remain on hold due to the current cost of undertaking planned projects.

“We still believe it’s one of the best office sites in America,” CBRE CEO Bob Sulentic told the Dallas Morning News. “And that site is going to get built. It’s a 700,000-square-foot office building, and it doesn’t make sense right now. But we still need to have a global headquarters.”

The new building was expected to be developed by Dallas-based Trammell Crow Co., CBRE’s U.S. development arm, and the project will be reconsidered when office market conditions are right, CBRE told CoStar News.

For now, CBRE’s Dallas advisory and Trammell Crow Co. employees will continue to work out of its existing office at 2100 McKinney Ave.

CBRE confirmed their global HQ will likely be housed at 2401 McKinney Ave. in the future, as construction of a new building will take several years once a decision is made to break ground.  

San Antonio utility sells downtown event center for $5.3 million

CBRE has arranged the sale of the Villita Assembly Building, a 24,785-square-foot event center along San Antonio’s River Walk, to GrayStreet Partners, a local private-equity firm, for $5.3 million.

CBRE’s Andrew Price negotiated the transaction on behalf of the seller, CPS Energy, San Antonio’s municipally-owned electric and natural gas utility.

Located at 401 Villita St., the free-standing building was constructed in 1958 and sits on a 1.113-acre parcel. The single-story, circular building was designed by architect O’Neil Ford and features a concave rotunda wrapped with administrative, service, and mechanical spaces and adorned with custom decorative tile and carved stained-wood entry doors. The property includes a banquet hall, kitchen and outdoor plaza area.

The building is situated along the River Walk and adjacent to La Villita Historic Arts Village in Downtown San Antonio. It is within walking distance of many amenities and points of interest, including the Alamo, Henry B. Gonzalez Convention Center, Hemisfair, Tower of the Americas, Shops at Rivercenter, and numerous restaurants and hotels.

CBRE announces sale of new, two-building industrial portfolio in Denton

CBRE has arranged the sale of Denton Point I & II, two warehouse and distribution facilities totaling 242,320 square feet in Denton, to San Diego-based Westcore for an undisclosed price.

Randy BairdJonathan BryanRyan ThorntonNathan Wynne and Eliza Bachhuber with CBRE National Partners arranged the transaction on behalf of the seller.

Denton Point I is a 112,320-square-foot facility located at 451 S. Western Blvd. with 3,744 square feet of office space and 28 dock doors. It is fully occupied by DHL Supply Chain. Denton Point II is a 130,000-square-foot facility located at 421 S. Western Blvd. with 6,581 square feet of office space and 32 dock doors. Lowe’s Home Centers occupies 78,000 square feet and Muenster Milling Company occupies 52,000 square feet in the building.

Both buildings were delivered in 2022 and feature institutional quality specifications, including concrete tilt-up construction, 32-foot clear heights, ESFR sprinkler systems, LED lighting, and heavy power. The rear-load facilities also feature 180-foot truck courts, as well as 38 trailer- and 125 auto-parking spaces each.

The property sits on an 18.59-acre site approximately 2.1 miles from the I-35E/I-35W interchange, providing tenants with direct trucking routes to both Dallas and Fort Worth’s CBDs.

CBRE arranges sale of 550-unit self-storage facility

CBRE arranged the sale of a 550-unit self-storage facility at 2401 E. Ben White Blvd. in Austin.

CBRE’s Self Storage Advisory Group represented the seller in the transaction, global investment company KKR. The buyer, Extra Space Storage Inc., headquartered in Salt Lake City, is a fully integrated, self-administered, and self-managed real estate investment trust.

The facility has 52,203 rentable square feet with units ranging in size from 25 to 300 square feet. The property features a gated entrance with key code access, climate-controlled units, on-site manager and 24-hour video surveillance.

CBRE brokers sale of self-storage facility in Austin

CBRE brokered the sale of a 1,041-unit self-storage facility at 5656 North Interstate 35 in Austin.

CBRE’s Self Storage Advisory Group represented the seller, global investment company KKR, in the transaction. The buyer is Dallas-based Baranof Holdings, both a developer and long-term investor in self-storage.

The property, managed by CubeSmart Self Storage, has 100,417 square feet of net rentable space, is climate controlled, and has 24-hour video surveillance. Its location is directly off the I-35 freeway, providing visibility to approximately 227,00 vehicles daily, and sits directly across from the Capital Plaza Shopping Center, as well as a less than 10 minute drive from the University of Texas at Austin. The facility was approximately 90% occupied at the time of sale.

The total population within a five-mile radius of CubeSmart is approximately 359,000, with the three- to five-mile average household income ranging from $102,563 to $114,379. According to CBRE Research, approximately 75% of the state’s population is within the Austin region.