The five properties in the north central and northwest submarkets may be the beginning of a deeper push into the market, according to James Jones of Sealy's Dallas office who brokered the deal on behalf Sealy. "We're looking at a couple other opportunities that look fairly attractive," he tells GlobeSt.com. "We'd definitely like to do more."
For Praedium, based in New York City, the deal means its exit from the market. The company invests in real estate assets and securities and distressed and high-yield mortgage loans. Praedium's representatives in the transaction were David B. Curran Jr., regional managing director for Kennedy-Wilson's Dallas office, and John Vogel, senior marketing director in the firm's San Antonio office.
Jones declined to disclose the selling price, but says, "We felt we got a good buy on it. We are excited about the opportunity."
The San Antonio portfolio, which has 14 buildings, is 88% occupied. Jones says the properties have a variety of tenants. "There's a good mix of national, regional, local credit. Three to five year-type leases."
The package buy consists of three buildings, totaling 149,000 sf, at 8415 Data Point Dr.; three buildings, totaling 59,850 sf, at 700 Grandstand; a 27,888-sf structure at 7042 Alamo Downs Parkway; two buildings, with a combined 226,800 sf, at 3802 Binz Engleman; five buildings, totaling 251,254 sf, in the 7400, 7500 and 7600 blocks of Reindeer Trail; and a 143,894-sf structure is at 5405 Bandera.
Jones says Sealy likes San Antonio because of the market's stability. "Supply and demand stay pretty much in sync," he says. "Especially the northwest and north central submarkets. And the diversity of tenant mix is good. It's not all high tech like Austin."
Sealy owns six million sf of industrial space in the southeast, Midwest and southwest, according to Jones. "We bought five million sf in the last two years," he says. "So we're very active industrial buyers.
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.
