A California development firm is bringing new life to a vacant big-box store in the Dallas area with plans to transform the site into a self-storage property with space for boats and recreational vehicles and a retail center in a move it hopes to replicate throughout the Sun Belt.
LaTerra Development, based in Los Angeles, plans to reshape what is now a vacated 145,000-square-foot Fry’s Electronics store at 2488 Market Place Blvd. in Irving, Texas, a suburb about 14 miles from downtown Dallas, into a self-storage facility. The southern portion of the property totaling 11.7 acres is earmarked for a 116,000-square-foot retail development.
“Self-storage is one of the best performing asset classes that does well in both a good market and in a soft market,” Chris Tourtellotte, managing director of LaTerra, told CoStar News. “Death, divorce, dislocation and distress, with the fifth ‘D’ being decluttering as people move furniture out of their homes to create offices make for a stocky tenant base. People generally don’t move out as easily or often as apartments and it’s a recession resistant product type that’s in high demand.”
Read the full story at CoStar News.