The Los Angeles-based Cannon Commercial acquired the holding at711 Navarro St. from Darren Casey Interests Inc., the owner since2003. Casey had Travis Park Plaza in a portfolio that it sold inJuly 2007 to Newport Beach, CA-based Chase Merritt, but pulled thatone building prior to the closing. According to Bexar CentralAppraisal District, Travis Park Plaza is assessed at $13.9million.

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Kam Mateen, president of Cannon Commercial, says the 90%-leasedbuilding was well-maintained. The upside potential rests in thefact that the CBD is in a growth mode, which also appealed toCannon's acquisitions staff.

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The real selling point, however, was the garage. "There are onlysix or seven structured parking garages in Downtown San Antonio.Covered parking is scarce," Mateen explains. He adds that thegarage is open to the public and an excellent source ofrevenue.

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Mateen tells GlobeSt.com that the plan is to invest about $1million into upgrading the lobby and exterior of the 1970s-erabuilding. The post-renovation plan, he adds, is to bump rents.Cannon Commercial will manage Travis Park Plaza and NAI-REOCPartners of San Antonio will handle leasing. Todd Mills, seniorvice president in San Antonio for CB Richard Ellis, brokered thetransaction between Casey and the buyer.

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Cannon Commercial's other San Antonio holdings are the190,819-sf Ashford Oaks, a class A office building at 8122Datapoint Dr. and 86,057-sf Northtowne Plaza retail center at 6900San Pedro Ave. Mateen says he continues to be on the lookout formore acquisitions statewide, but nothing else is under contract atthis time.

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