The warehouse space is part of a 214,000-sf building that also has as a tenant, Fiesta Warehousing, which occupies 140,000 sf. Grubb & Ellis' broker Joe Carroll of the San Antonio office told GlobeSt.com that Kinetic, which leases upward of 100,000 sf in the city, simply needed more warehouse space. Kinetic has been in the San Antonio market for about 25 years and is a specialty manufacturer of high-tech hospital beds for burn patients.
Nationwide Life Insurance Co. owns the structure. The property had been developed in the 1980s. Carroll has represented the building owner in the deal while Mike McMahon of McMahon Real Estate Co. has acted on Kinetic's behalf. The northeast submarket is commanding average annual rental rates of $3.36 per sf.
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