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.
Repurposing the property includes razing the two single-story buildings beginning in January 2018 and repurposing that portion of the property into a retail climate-controlled facility managed and operated by Lone Star Self Storage. United Development in partnership with Lone Star will open the facility in fall 2018 and offer 60,000 square feet of climate-controlled storage on three levels.
“We were surprised to find the property was already zoned for self-storage,” William “Biff” McGuire, chief executive officer, United Development Company tells GlobeSt.com. “The property is in a dense infill area of Dallas with a demand from the surrounding single-family houses greater than the number of units we can build. The area has been gentrifying with millennials.”
Lone Star is a family-owned and operated self-storage acquisition, development and management company that has been in business since 1994. It currently owns six facilities in Plano, Lewisville, Garland, Rowlett and Mesquite, TX.
Tom Strohbehn of Cushman & Wakefield represented the seller and United Development Company was represented by William B. Adams of Falcon Realty Advisors. The lender is Southwest Bank of Fort Worth. United Development Company has managed more than $500 million of real estate investments during the last 15 years.
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.
Repurposing the property includes razing the two single-story buildings beginning in January 2018 and repurposing that portion of the property into a retail climate-controlled facility managed and operated by Lone Star Self Storage. United Development in partnership with Lone Star will open the facility in fall 2018 and offer 60,000 square feet of climate-controlled storage on three levels.
“We were surprised to find the property was already zoned for self-storage,” William “Biff” McGuire, chief executive officer, United Development Company tells GlobeSt.com. “The property is in a dense infill area of Dallas with a demand from the surrounding single-family houses greater than the number of units we can build. The area has been gentrifying with millennials.”
Lone Star is a family-owned and operated self-storage acquisition, development and management company that has been in business since 1994. It currently owns six facilities in Plano, Lewisville, Garland, Rowlett and Mesquite, TX.
Tom Strohbehn of Cushman & Wakefield represented the seller and United Development Company was represented by William B. Adams of Falcon Realty Advisors. The lender is Southwest Bank of Fort Worth. United Development Company has managed more than $500 million of real estate investments during the last 15 years.
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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.
