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3/13/20
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Entrada Partners has purchased Travis Park Plaza, a 151.7k sf, Class A office building and a six-story garage in San Antonio. The price was not disclosed.
Built in 1970 and later renovated in 2001 and 2019, the seven-story, granite-clad building and adjacent parking garage takes up nearly a full city block at 711 Navarro St in the heart of the central business district. Travis Park Plaza features a market-best parking ratio of 5.4/1,000 and 19k sf floor plates, which were compelling factors for Entrada’s acquisition.
Travis Park Plaza was 82% leased at closing. Tenants include Conviva Care Solutions, Kairoi and Tetra Tech. On the ground floor fronting the 2.6-acre Travis Park is Lola Coffee Bar, a newly opened coffee shop with live entertainment. Forthcoming is an interactive art gallery with an indoor/outdoor bar operated by Hopscotch.
“San Antonio’s low costs of living and doing business has resulted in extremely strong job growth over the past five years,” said Entrada co-founder and partner Joshua Bar-Yadin. “Vacancies in downtown are the lowest they have been since 2007 and continue to tighten driven by large corporate expansions and relocations. This was a rare opportunity to acquire one of the only office buildings in downtown San Antonio that can accommodate tenants with high employee counts.”
Entrada plans to leverage the successful lease up and operation of its nearby 172k sf One Alamo Center to implement its value-add strategy for Travis Park Plaza. With the seller having recently completed significant base improvements to the building, Entrada will undertake a multimillion-dollar renovation that will focus on the building’s aesthetic, amenities, and tenant functionality.
Todd Mills, Carrie Caesar and Hunter Mills of Cushman and Wakefield represented the seller in the transaction, and De’On Collins of JLL arranged the financing for the buyer. Transwestern’s Larry Mendez and Brad Kaufman have been named to lease the property. Transwestern will also serve as the property manager.
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