SAN ANTONIO— Los Angeles-based Tryperion Partners is investing in San Antonio. The private real estate investment firm has made its second area acquisition in less than a year, recently adding shopping center Gateway Plaza to its portfolio.
“San Antonio is experiencing positive economic fundamentals and population growth, and offers more opportunities to invest in higher yielding assets than primary markets in the southwest,” said Eliot Bencuya, Tryperion partner, to GlobeSt.com. “Properties in San Antonio align well with the typical transaction size for Tryperion, which is ramping up acquisitions as it prepares to close its next $50 million fund in the third quarter.”
The 138,510-square-foot complex is 97 percent occupied and located on the east side of the Interstate 35 and Loop 1604 interchange, a burgeoning area in the northeast quadrant of the city. Anchored by Burlington Coat Factory, tenants include Ulta, Rack Room Shoes and Hancock Fabrics.
“Gateway Plaza presented a unique blend of stable cash flow and upside potential,” said Tryperion partner Joseph Kessel in a press release. “The stabilized occupancy and lease term of Burlington Coat Factory and the junior anchors enable us to focus on leasing existing vacancies and either ground leasing or selling the development pads.”
Tryperion has engaged San Antonio-based Endura Advisors to market the existing vacancies and future development sites.
“[San Antonio is] a city that fits our strategy of investing in secondary Western and mid-western U.S. markets with strong underlying fundamentals,” Bencuya adds.
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