Eisenhauer 35 has 590,400 sf of distribution space in four buildings and 18.2 acres available for development. The property is 95% leased. Tenants are Applied Industrial Technologies, Aladdin Manufacturing Corp., Walsh Distribution Inc., Kimberly-Clark Corp. and CAI LP.
Aurora, CO-based ProLogis bought the facility from Northwestern Mutual Life Insurance Co., based in Milwaukee. Northwestern developed the project, completing the first phase in 1999 and the second in 2000, Eric Brown, a ProLogis vice president in San Antonio, tells GlobeSt.com. ProLogis won a nationwide bidding process conducted for Northwestern by the Dallas office of Cushman & Wakefield of Texas Inc.
ProLogis has more than five million sf of distribution space in San Antonio. About three million sf is in the northeast submarket, the biggest concentration of distribution and other industrial space in the city.
The 18.2-acre property will be used for expansion project by current ProLogis customers, Brown says. "We're going to let out existing customer base dictate how we move forward on that project," he says. "As our existing customer base requires expansion space, we've got the ability to do another 300,000 sf on the adjacent property."
The northeast submarket has more than 24 million sf of industrial space, triple the space of the next largest industrial submarket. The vacancy rate was 13.1% at midyear for the northeast in comparison to a citywide vacancy rate of 17.1%.
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.
