The financing has been arranged by Roger Trapnell of Holliday Fenoglio Fowler LP's Houston office. Trapnell has secured $9.25 million for a first lien through DaimlerChrysler Capital Services and $1.7 million in mezzanine debt financing through Heller Financial.
The seller is Live Oak, GlobeSt.com has learned. The Broadway Trade Center, developed between 1977 and 1981, consists of two adjacent business parks that are situated across from San Antonio Airport in the city's north central corridor. They are positioned off Loop 410 and Texas 281.
The six-building 10000 Broadway totals 120,958 sf and is 94.3% leased. Its primary tenants are Ikon Office Solutions, with 22,338 sf; and Pro Source of San Antonio and United Refrigeration, both 10,000-sf tenants. The 78,102-sf Broadway & Bitters Business Park is a four-building complex, with the largest tenant being Bosworth Papers at 9,315 sf. It is 85.6% leased, sources report.
Broadway Trade Center is the first San Antonio acquisition in nearly a year for Trammell Crow, which, like other real estate entities, is keeping its eyes on Alamo City for good buys. San Antonio is picking up momentum from its low rents and positioning along Interstate 35 or the NAFTA Highway, as some in the industry prefer to call it. In early 2000, Trammell Crow acquired the 10,325-sf Landmark 6, which had been fully leased at sale time.
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