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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.

By Lisa Brown | lisabrown | Updated on October 19, 2017

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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