EXR-Managed Storage: Las Colinas

EXR-Managed Storage: Las Colinas2019-10-18T16:59:16-04:00

Project Description

The Self-Storage Advisory Group of Cushman & Wakefield has been selected to exclusively market for sale EXR-Managed Las Colinas in the Dallas-Forth Worth Metropolitan Area.

Call for Offers – Due Thursday, October 24
NRSF – 75,810

7500 Esters Boulevard
Irving, TX 75063

EXR-Managed Las Colinas is comprised of 75,810 rentable square feet on approximately 3.59 acres of land. The Class-A facility was constructed in 2017 and offers 503 climate-controlled units and 106 non-climate-controlled units, ranging from 25 square feet to 900 square feet for a total of 609 units. The subject offers wide-aisles for drive-up access, multiple entry points, elevator access and a professional staff for consumer convenience. The physical and economic occupancies reside at 52.7 percent and 43.6 percent, respectively, as the subject continues its lease-up phase. To ensure a secure premise, the well-maintained facility is equipped with 24-hour video surveillance and electronic gate access.

The facility is ideally located in a high-traffic corridor of Irving, Texas; a thriving suburb in the Dallas-Fort Worth Metro Area. The Dallas Metroplex is one of the largest metropolitan areas in the United States and the most-densely populated MSA in Texas. The surrounding region offers an abundance of employment opportunities, including a large Amazon distribution center and the headquarters for All State Insurance and Citi Bank. There is a projected population growth rate of 1.62 percent annually from 2018 to 2023 within three miles of the site, surpassing the national average. The one-mile annual household rate surged by 34.2 percent from 2010 to 2018, indicating a strong need for storage. The facility will benefit from a massive influx of new multi-family and office developments within a three-mile radius, including over 2,300 units and five recent and future office developments. Additionally, the subject is situated in an affluent suburb that is growing rapidly; there is a median household income exceeding $72,000 within three miles of the property. EXR-Managed Las Colinas offers convenient access to John W. Carpenter Freeway, a major thoroughfare with a traffic count of over 94,000 vehicles daily. The subject is adjacent to the Dallas-Fort Worth International Airport, numerous area employers and developments, including the Parkside residential community. Parkside is a new, upscale residential area adjacent to the facility. The homes in Parkside are selling rapidly despite being built very recently. The direct area gives the population access to the highly-acclaimed Coppell Independent School District, drawing in families in addition to the employment opportunities offered in the vicinity. The suburb’s population growth is driven primarily by the business-friendly Metroplex economy, as well as a high quality of living compared to other metro area suburbs in the United States.

The Class-A property features superior construction and a wide-variety of options to meet the region’s strong demand for self-storage. The facility benefits from a high barrier to entry within the region. The property includes three major loading areas in the main building and spacious aisles for the drive-up units. The site can benefit from the implementation of truck rentals and a tenant insurance program. Additionally, an investor can further increase profits by raising rental rates to meet the comparable average upon stabilization; the climate and non-climate-controlled rates are currently below market. The opportunity offers impeccable access to all the region’s growing residential developments and heavily-utilized resources. The subject’s prime location in this rapidly-expanding suburb of Irving will allow for consistent growth and stability.

Investment Highlights:

  • Newly-Constructed, Class-A Facility in the Dallas-Fort Worth Metropolitan Area
  • Raise Rates to the Comparable Average Upon Stabilization
  • High Barrier to Entry Market
  • 1.62 Percent Projected Annual Growth Rate From 2018-2023
  • Median Household Income of $72,000 Within Three Miles
  • Drive-Up Units, Multiple Entry Points and Elevator Access
  • Convenient Access to John F. Carpenter Freeway, Witnessing Over 94,000 Vehicles Per Day
  • Implement Tenant Insurance for Additional Revenue
  • Adjacent to Dallas-Forth Worth International Airport and the Affluent Parkside Residential Community Underway
  • Sign CA to View Offering Memorandum

  • Confidentiality and Buyer Registration Agreement

    Cushman & Wakefield U.S., Inc. ("Broker") has been retained as the exclusive advisor and broker regarding the sale of the property known as EXR-Managed Storage: Las Colinas.

    To receive an Offering Memorandum ("Offering Memorandum") please read, sign and return this completed Confidentiality Agreement to Broker. The Offering Memorandum has been prepared by Broker for use by a limited number of parties and does not purport to provide a necessarily accurate summary of the property or any of the documents related thereto, nor does it purport to be all-inclusive or to contain all of the information which prospective Buyers may need or desire. All projections have been developed by Broker and designated sources and are based upon assumptions relating to the general economy, competition, and other factors beyond the control of the Seller and therefore are subject to variation. No representation is made by Broker or the Seller as to the accuracy or completeness of the information contained herein, and nothing contained herein shall be relied on as a promise or representation as to the future performance of the property. Although the information contained herein is believed to be correct, the Seller and its employees disclaim any responsibility for inaccuracies and expect prospective purchasers to exercise independent due diligence in verifying all such information. Further, Broker, the Seller and its employees disclaim any and all liability for representations and warranties, expressed and implied, contained in or omitted from the Offering Memorandum or any other written or oral communication transmitted or made available to the Buyer. The Offering Memorandum does not constitute a representation that there has been no change in the business or affairs of the property or the Owner since the date of preparation of the Offering Memorandum. Analysis and verification of the information contained in the Offering Memorandum are solely the responsibility of the prospective Buyer. Additional information and an opportunity to inspect the property will be made available upon written request to interested and qualified prospective Buyers.

    By accepting the Offering Memorandum, you agree to indemnify, defend, protect and hold Seller and Broker and any affiliate of Seller or Broker harmless from and against any and all claims, damages, demands, liabilities, losses, costs or expenses (including reasonable attorney's fees, collectively "Claims") arising, directly or indirectly from any actions or omissions of Buyer, its employees, officers, directors or agents.

    By accepting the Offering Memorandum, you acknowledge that you are a principal and not an agent of or acting on behalf of any other party in connection with the acquisition. Buyer acknowledges that it is aware that any Agent/Broker other than Cushman & Wakefield, must be compensated by Buyer as Cushman & Wakefield is not cooperating on fees. Furthermore, Buyer acknowledges that it has not had any discussion regarding this Property's Sale with any other broker or agent other than Broker or an agent/broker properly identified through this registration process, including but not limited to, resolutions of incomplete, conflicting or duplicate registrations. Buyer shall indemnify and hold Seller and Broker harmless from and against any claims, causes of action or liabilities, including, without limitation, reasonable attorney's fees and court costs which may be incurred with respect to any claims for other real estate commissions, broker's fees or finder's fees in relation to or in connection with the Property to the extent claimed, through or under Seller.

    The Seller and Broker each expressly reserve the right, at their sole discretion, to reject any or all expressions of interest or offers regarding the Property and/or to terminate discussions with any entity at any time with or without notice. The Seller shall have no legal commitment or obligations to any entity reviewing the Offering Memorandum or making an offer to purchase the Property unless a written agreement for the purchase of the Property has been fully executed, delivered, and approved by the Seller and its legal counsel, and any conditions to the Seller's obligation thereunder have been satisfied or waived.

    The Offering Memorandum and the contents, except such information which is a matter of public record or is provided in sources available to the public, are of a confidential nature. By accepting the Offering Memorandum, you agree that you will hold and treat it in the strictest confidence, that you will not photocopy or duplicate it, that you will not disclose the Offering Memorandum or any of the contents to any other entity (except to outside advisors retained by you, if necessary, for your determination of whether or not to make an offer and from whom you have obtained an agreement of confidentiality) without prior written authorization of the Seller or Broker, and that you will not use the Offering Memorandum or any of the contents in any fashion or manner detrimental to the interest of the Seller or Broker.

    No employee of seller or at the subject property is to be contacted without the written approval of the listing agents and doing so would be a violation of this confidentiality agreement.