Tag Archive for: self-storage facility

updated-renderings-shoppes-of-westlake-landings 770x320

Minto Communities has unveiled plans for the 50-acre business park portion of the city of Westlake, which it is developing in western Palm Beach County.

The city was approved for 2.2 million square feet of commercial space, in addition to 4,500 homes. The home development is well underway, and hundreds of people are living there.

Minto Communities, the master developer, recently received city approval for the first phase of the commercial project. Deerfield Beach-based Konover South has agreed to buy 7 acres from Minto in order to build restaurant/retail buildings of 7,000 and 9,450 square feet. Called the Shoppes of Westlake Landings, it would be near the 7-Eleven service station that’s currently under construction.

Minto said another local developer has a 5.75-acre parcel in Westlake under contract in order to build a 107,290-square-foot self-storage facility. In addition, a 14.5-acre site is planned for an entertainment/sports concept and a 17.5-acre property is slated for a flex office/warehouse project. Minto said it’s discussing the latter two projects with several interested developers.

Publix also has plans for a 50,000-square-foot store in Westlake.

 

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Skyscraper Buildings Made From Dollar Banknotes

The Green Street Commercial Property Price Index increased by 4.4% last month, with prices of every asset type included in Green Street’s index increasing.

The index is now a mere 1% below pre-pandemic levels.

“Top lines are improving, cap rates are declining, and property prices are quickly recovering lost ground,” said Peter Rothemund, managing director at Green Street. “In some cases, like self-storage, industrial, and manufactured home parks, prices are hitting new highs—and are now 15-25% higher than pre-COVID marks.”

Buyers and sellers have been in a standoff over pricing since the pandemic began, and rising prices suggest that buyers are now more willing to negotiate on price.

“While some discounting has occurred in unique situations, valuations of most asset types have largely held steady or surpassed pre-health crisis levels as strong buyer interest has aligned with limited for-sale inventory,” Marcus & Millichap notes in a recent report on the phenomenon. “This dynamic has also led to cap rate compression among sought after assets.”

Pricing may also be moving because of higher transaction volume, which helps with price discovery. Commercial real estate transaction volume is expected to recover relatively quickly through 2023, to $590 billion versus $500 billion in 2021, according to the Urban Land Institute.

 

Source: GlobeSt.