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San Antonio Buyer Wins 118,827-SF Mixed-Use Project

VICTORIA, TX-Spigel Properties Inc. outbids 10 other would-be buyers for the 104,987-sf Village Center and 13,840-sf, two-building professional office complex. The center sells for close to the $2.7-million ask.

By Jennifer D. Duell | Updated on June 16, 2005

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VICTORIA, TX-An investment group, led by San Antonio-based Spigel Properties Inc., has beaten out 10 other potential buyers for the 104,987-sf Village Center and two professional office buildings, totaling 13,840 sf. The seller was CA New Plan Asset Partnership IV LP, a company formed by New York City-based New Plan Excel Realty Trust Inc.

The complex, positioned on 9.5 acres at 2500 N. Laurent St., sold for close to the $2.7- million ask, George Cushing, a senior vice president with Grubb & Ellis Co.’s Houston office, tells GlobeSt.com. At sale time, the retail component was 78% leased and the professional office space was 69% filled, he says.

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