Nolan Realty Investments of Ft. Worth is the developer of thetract at 2250 W. Vickery St. A "Coming Soon" sign reportedly hasbeen posted on the property for several years. Apparently thetime's come, says Robert Riley, development director for the Cityof Ft. Worth, who confirmed "mini-warehouse" permits have beenissued to E-Z Storage. Nolan Realty Investments did not returntelephone calls about the six-building project.

Riley says the location could prove to be a winner. The nearestresidential self-storage complex is several miles away and twoothers, one specifically document storage, are on the fringes ofFt. Worth's downtown. Many would-be renters just aren't keen onbattling their way into town to access storage complexes, saysTyler Trahant, associate broker for Ft. Worth's Richard D. MinkerCo., the North Texas agent for Chicago-based Argus Self-StorageSales Network. The West Vickery Street parcel, located in anindustrial area, is close to Interstate 30 and relatively close tothe downtown and several large residential developments.

Trahant says there are 700 such developments in the Dallas-Ft.Worth metroplex and all are doing well except for the overbuiltareas of northeast Tarrant County and North Dallas. He says Texasoccupancies are high and owners are seeing 10% to 12% cap ratereturns. "They're good investments," he stresses to GlobeSt.com."You can get close to office rents, but you don't have the officeexpenses."

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.