SAN ANTONIO-As part of a massive portfolio restructuring plan, Winthrop Realty Trust of Boston has sold the 261,663-square-foot One Riverwalk Place to local buyer USAA Real Estate Co. According to media reports in the seller's home town, the sale of the class A office building is helping to make way for acquisitions of other properties, many in the southwest.
One Riverwalk Place, at 700 N. St. Mary's, was developed in 1981. The transaction sales price was kept confidential, and the Bexar Central Appraisal District assesses the property at $19.6 million. Earlier this year, it was announced that CBRE was retained to help lease up the property, which was, at the time, 65% occupied.
As for seller Winthrop Realty, the Boston Business Journal writes that the sale is part of a large portfolio reshuffle. Other activities involved in the process include a buyout of partner Elad Canada Inc. for full control of the 942,000-square-foot Carson Pirie Scott & Co., a retail and office building at 1 S. State St. in Chicago.
And in an Aug. 13 SEC filing, the REIT indicated it had entered into various agreements, totaling $246 million, to acquire four class A condominium apartment buildings, giving it an aggregate of 761 unsold residential unsold condo/apartment units and close to 25,000 square feet of space. Under contract are:
- 44 Monroe in Phoenix, a 34-story building comprised of 184 units, originally built for sale as condominiums. The property also has 1,377 square feet of ground-level retail space. At one point, the asset was on the road to foreclosure.
- Mosaic II at 5927 Almeda Rd. in Houston, a 29-story residential building made up of 396 units and 20,065 square feet of ground-level retail space. Built in 2009, the two-tower property had gone into foreclosure in 2010.
- The other two properties under contract are Highgrove, a 92-unit multifamily property at 70 Forest St. in Stamford, CT (also once a troubled asset) and San Pedro Lofts at 407 W. 7th St. in Los Angeles.
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