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5/26/15
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In a recent Texas office buy, Buchanan Street Partners purchased San Pedro Plaza, a 163.8k sf building in San Antonio. The price was not disclosed.
San Pedro Plaza is located at 7330 San Pedro Ave, in the North Central Market near the intersection of Loop 410 and San Pedro Ave. The property is near executive housing areas such as Alamo Heights and Terrell Hills. It is also less than 10 minutes from San Antonio International Airport and Alamo Quarry Market, Park North Shopping Center and North Star Mall.
Buchanan Street intends to make extensive improvements to the property, to better attract new tenants during this time of positive absorption in the region. The company plans to significantly upgrade the lobby, restrooms and common areas. Additionally, Buchanan will be removing an adjacent retail building in order to provide more convenient access and additional surface parking. The building is currently 30 percent vacant with available suites ranging from 1k sf to 18k sf.
“This is our fifth office investment in the San Antonio market,” said Kimberly Stevenson, vice president at Buchanan Street Partners. “This is an attractive investment for Buchanan Street because of the building’s potential due to strong market fundamentals and the property’s excellent location.”
“San Antonio is an extremely active market in which we are witnessing continued job growth,” said Stevenson. “We recently completed a similar renovation to The Pyramid which has resulted in tremendous leasing activity such that the property is currently 95 percent leased.”
Barbara Emmons and Todd Mills of CBRE represented the seller in this transaction. Buchanan Street repped itself in the deal.
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