SAN ANTONIO--Kennedy Wilson recently represented both the buyer and the seller in the off-market sale of the 112,000-square-foot building known as the Aztec Theatre, a historic mixed-use building located at 201 East Commerce St. in downtown San Antonio.

The structure, which has recently completed a major renovation, is a popular venue for multi-purpose entertainment and events, with a variety of concerts produced by Live Nation Entertainment scheduled for the upcoming year.

“It's a real legacy play for [the buyer, Aztec Family Group LLC],” Suzanne Havekost, managing director of Kennedy Wilson's brokerage group in the firm's San Antonio office, told GlobeSt.com. Havekost represented both the buyer and the seller, Aztec Project Development Ltd., in the transaction.

In addition, up to 15,000 square feet at the Riverwalk level could be available for a new retail tenant, and the 35,000 square feet of office is primed for a conversion to residential, condos or hospitality, Kennedy Wilson reps say.

“The revitalization of San Antonio's Central Business District continues to see growth and activity as more and more people are moving into the downtown area for its vibrant retail and entertainment,” says Havekost. “This particular building is leading the charge. This wasn't a typical building sale; it truly marks the next chapter in San Antonio's future.”

To that end, Havekost adds that patrons won't see any change in the venue.

“Expect to see the theater calendar increase over the year, as the new relationship with Live Nation continues to mature and fill the concert schedule with some acts that would not have included San Antonio on their Texas tours,” she says.