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TEXAS/SOUTHWEST NEWS
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San Antonio Office Complex Acquired by Exchange Investor

1/10/20

A private investor from Texas purchased Parkway Plaza, a five-building, 189.4k sf office property in San Antonio. The property consists of all single-story buildings on 13.7 acres located adjacent to the San Antonio airport in the North Central submarket.

The buildings were sold by Dorin Investment Group, who acquired the asset in May 2015 in an off-market transaction with average base rents of $14.50 NNN. The buildings offer an exchange buyer/private investor steady cash flow resulting from four years of weighted average lease term remaining and consistent occupancy, which has been 90%+ since Dorninís acquisition.

The buildings offer tenants flexible and efficient floor plans along with a high ratio of walk up parking. Numerous major retail centers in the area in addition to an abundance of dining, shopping, and entertainment venues in the immediate vicinity offer an unmatched amenity base. Situated directly north of San Antonio International Airport, Parkway Plaza provides easy access to Stone Oak and Alamo Heights, two of the most prominent and affluent regions known to the San Antonio area. The property is adjacent to Wurzbach Parkway (which connects US 281 and IH 35) and is located in the coveted North Central Submarket, which consistently produces the highest rents and occupancy rates in the city.

Occupancy was 91% at the time of closing with average base rents of $16.50 NNN. Todd Mills of Cushman & Wakefield represented the seller in the disposition. The buyer was in an exchange transaction.





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