SAN ANTONIO—Transwestern's San Antonio office has completed the sale of Cherry Ridge Office Park, located at 3201 Cherry Ridge St., on behalf of Cherry Ridge Realty LTD, a subsidiary of Houston-based Braun Enterprises.
Cherry Ridge Office Park is a four-building complex totaling 113,548 square feet. The class B, multi-tenant office park is located in the Northwest submarket of San Antonio and was 89.7% leased at the time of sale.
“Investors recognize the value in stable office investments,” said Alan Grilliette, Transwestern's senior managing director. “There have been very few sales of stabilized properties of this type in San Antonio. Investors are continuing to chase yield, and we are seeing more buyers searching for value-add assets. Cherry Ridge Office Park offered investors the opportunity to acquire an asset with in-place income and the ability to increase below-market contract rents.”
Built in 1981, Cherry Ridge Office Park offers superior accessibility and is a value-add alternative to traditional midrise office buildings, which are the predominant property type in the Northwest submarket. Cherry Ridge is attractive to tenants looking for space in a market where the average rent for quality office space is $25 per square foot.
The property seller was represented by Grilliette, Leah Gallagher and Hale Umstattd of Transwestern's Central Texas Capital Markets Group, which is active in the Southwest, including Austin, San Antonio, Corpus Christi and the Rio Grande Valley.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
