The warehouse space is part of a 214,000-sf building that also has as a tenant, Fiesta Warehousing, which occupies 140,000 sf. Grubb & Ellis' broker Joe Carroll of the San Antonio office told GlobeSt.com that Kinetic, which leases upward of 100,000 sf in the city, simply needed more warehouse space. Kinetic has been in the San Antonio market for about 25 years and is a specialty manufacturer of high-tech hospital beds for burn patients.
Nationwide Life Insurance Co. owns the structure. The property had been developed in the 1980s. Carroll has represented the building owner in the deal while Mike McMahon of McMahon Real Estate Co. has acted on Kinetic's behalf. The northeast submarket is commanding average annual rental rates of $3.36 per sf.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
