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Self-Storage Demand Outweighs Supply

The 48-year-old Park Forest office campus is in a dense infill area of Dallas which has been gentrifying with millennials, resulting in demand greater than the number of self-storage units that can be built.

Self Storage Two single-story buildings will be repurposed into a retail climate-controlled facility.

DALLAS—Built in 1969, Park Forest was renovated in 2015. The 48-year-old property located at 3530 Forest will get another new lease on life after its acquisition by United Development Company of Southlake, TX. United Development purchased the three-building Park Forest office complex and will resuscitate the asset totaling 90,000 square feet with a new $10 million retail/self-storage development.

United Development purchased the property on 4 acres from the Miami-based BRI 1815 3530 LLC. The office complex includes a three-story 70,000-square-foot building flanked by two 10,000-square-foot buildings. The three-story Park Forest building will remain as is and some of the tenants in the soon-to-close low-rise buildings will relocate to the 80% occupied three-story building.

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Lisa Brown

Lisa Brown

Lisa Brown is an editor for the south and west regions of GlobeSt.com. She has 25-plus years of real estate experience, with a regional PR role at Grubb & Ellis and a national communications position at MMI. Brown also spent 10 years as executive director at NAIOP San Francisco Bay Area chapter, where she led the organization to achieving its first national award honors and recognition on Capitol Hill. She has written extensively on commercial real estate topics and edited numerous pieces on the subject.

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