Koontz McCombs, a development firm based in San Antonio, has bought Tetco Towers, a 256,137-sf office building, for $21.9 million. Bart Koontz and B.J. "Red" McCombs founded Koontz McCombs in 1997. McCombs is the owner of the Minnesota Vikings, McCombs Energy and other firms.
The 15-story building is at 1777 NE Loop 410 in the city's busy north central area. The twin-tower building, built in 1986, is 85% leased. Mark McAllister and Todd Mills of the Austin office of CB Richard Ellis have represented Mack-Cali in the sale.
Mack-Cali had acquired the building when it purchased Patriot American Group. Tetco Inc., which owns and operates gas stations, is the anchor tenant.
Mack-Cali, a self-administered REIT based in Cranford, NJ, is withdrawing from markets outside northeast and Mid-Atlantic base, where most of its 29.1 million sf, class-A holdings are located. It plans to sell 4.9 million sf in Dallas, Houston, Denver, Phoenix and San Antonio in the next two years. In a statement, Mitchell Hersh, Mack-Cali's CEO, says the company would put the proceeds from the Tetco Towers sales into properties in the Northeast and Mid-Atlantic regions. Mack-Cali's other San Antonio properties are the Century Building, totaling 189,312 sf, and the 248,153-sf Concord Plaza.
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