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9/30/16
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In a Texas-sized retail investment, Sterling Organization has purchased Park North, a 635.4k sf power center in San Antonio. The asset was purchased on behalf of the firm’s institutional value-add fund Sterling Value Add Partners II, LP (“SVAP II”) for $81 mil, or $127/sf.
Park North consists of 17 retail buildings on just over 45 acres of land. The property is located along San Antonio’s Interstate Loop 410 (242,000 cars per day) between Blanco Rd (24,000 cars per day) and San Pedro Ave (34,000 cars per day), approximately seven miles north of downtown.
The competitive set in the retail trade area of Park North is currently 99% leased (excluding Park North) and includes North Star Mall — one of the most successful malls in Texas — which sits directly across the street from the purchased property. Park North itself is currently 73% occupied and is anchored by Target, Alamo Drafthouse and Cost Plus World Market. There is also a 214k sf Sears at the property, which was not included in the transaction.
Other national and regional businesses at Park North include Mattress Firm, Payless Shoesource, Plato’s Closet, Sports Clips, DXL Men’s Apparel, Norris Conference Center and DeVry, and well as destination-oriented restaurants and various entertainment venues such as Chipotle, Twin Peaks, Panda Express, The Egg & I, Baskin Robbins and LOL Comedy Club. Park North was redeveloped into a power center in 2008 via a de-malling of Central Park Mall.
The transaction was brokered by Chris Cozby and Chris Gerard of the CBRE National Retail Investments Group’s Dallas office.
Over 113,000 people live within a three-mile radius of the property, where the average household income is over $63,000. Within a five-mile radius, the population exceeds 322,000 people and the average household income is over $70,000.
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