Stream Realty Purchases 62,000-SF Albertsons

SAN ANTONIO-A real estate company, taking advantage of the area’s growth and demand for back office space, acquired a vacant 62,000-sf Albertsons, with plans to convert the facility into a single-tenant project. The sales price on the facility was not available, however, similar properties in the area have traded for $40 per sf.

Along with renovating the building, new owner Stream Realty LP will convert an adjacent three acres into a parking lot. Stream Realty will begin renovations on the facility at 6415 Babcock Rd. in January 2007, with a scheduled April 2007 completion. A specific budget for renovations was not available.

Stream Realty acquired the property in a direct deal from Dallas-based Archon Group. “Archon bought a portfolio of vacant Albertsons three years ago, and they’re selling it off,” comments Allan Young, managing partner with Stream Realty’s San Antonio office.