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11/20/14
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A 6k sf, freestanding retail building in New Braunfels, TX sold for $1.3 mil, or about $217/sf. The property, located at 490 S. Business IH-35, about 15 miles north of San Antonio, is fully leased to Advance Auto Parts, the largest provider of aftermarket automotive parts in North America.
Ernest Brown, managing director, and Jorge Rodriguez, senior associate at Kennedy Wilson’s Brokerage Group in the firm’s San Antonio office, represented the buyer. John Heeren of SMPO Real Estate LLC represented the seller, Mitchell Leigh Potash, trustee of the Mitchell Leigh Potash Dynasty Trust.
“This is an ideal location on Interstate 35 near several auto dealerships. The cities along this major corridor between San Antonio and Austin are also seeing a substantial boom in population growth,” said Brown. “As a result, this will continue to be a prime area for expansion.”
In addition, a variety of national retailers and casual eateries are located in the area include Sears, Hobby Lobby, CVS Pharmacy and Domino’s Pizza.
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