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Archon Cuffs 10 Deeds, Five More Pending

SAN ANTONIO-Archon marks its entry into the San Antonio retail market with the purchase of shuttered Albertsons stores. The turn-over plan is to re-tenant the properties for various uses, hiring Transwestern for the job.

By Tim Green | Updated on January 28, 2003

SAN ANTONIO-Archon Group LP has jumped into the San Antonio retail market with a bang, closing Tuesday on the purchase of 10 former Albertsons stores. The Irving, TX-based real estate firm is still negotiating to buy the five remaining Albertsons properties in San Antonio.

Archon will lease or sell the buildings, “whichever makes most sense,” says Steve Lipscomb, senior vice president of Archon’s retail division. He declined to say how much Archon paid Albertsons, which is based in Boise, ID, for the properties. The stores range in size from 50,000 sf to 60,000 sf and are in the city’s northeast, north and northwest submarkets. Archon is working on buying the five remaining stores.

The Houston-based Transwestern Commercial Services brought the deal to Archon, Lipscomb tells GlobeSt.com. David Saunders of Transwestern’s San Antonio office will market the properties.

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