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5/19/16
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A SoCal-based private REIT acquired a 50.2k sf building in San Antonio that is NNN-leased to the City of San Antonio Pre-K Education Center. The 5.4-acre site is located at 1235 Old Highway 90 W, just three miles north of Joint Base San Antonio (Lackland).
The City of San Antonio maintains a long-term lease at the facility, which was built in 2014, with options to extend. The facility is close to Wrenn Middle School, Missions Baseball Academy and the San Antonio Food Bank.
The Lackland base includes the U.S. Army Fort Sam Houston, the U.S. Air Force Randolph Air Force Base and Lackland Air Force Base, all three of which were merged in October 2010. Joint Base San Antonio is one of 12 merged bases in the U.S. The three bases support a combined population of more than 250,000 personnel and 80,000 members, with this being the only education center targeting pre-kindergarten-age children in the area.
The seller/developer was represented by Ed Colson, Jr., CCIM, and Michael Campbell, co-founders and principals at San Diego-based InvestCore Commercial. The InvestCore team also assisted this developer in the successful disposition of a second Pre-K facility in San Antonio in June 2015.
“We received numerous inquiries and offers on this latest Pre-K facility,” Colson says. “This is despite the fact that the lease only has five years remaining. Interest like this speaks volumes about the investment climate, as investors are clearly looking for stable, credit-worthy tenants at higher cap rates.”
The City of San Antonio has made the expansion of Pre-K education one of its top priorities and programs. Backed by former Mayor Julian Castro, who now serves as the U.S. Secretary of Housing and Urban Development (HUD), this program will provide four city-run Pre-K education centers in each of San Antonio’s quadrants. The program is funded through a $30 mil sales tax program.
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