SAN ANGELO, TX-Although a loan assumption somewhat slowed things down, Gulf Coast Commercial Group Inc. of Houston has succeeded in selling the 95,129-sf San Angelo Marketplace to Santex Properties Inc. of San Antonio for slightly less than the $11.39-million ask. Completed late last year, the asset sold at a 6.82% cap rate.
San Angelo Marketplace, situated on 7.6 acres at 4325-51 Sunset Dr. is 100% leased to Best Buy and Academy Sports & Outdoors. "The loan that was there carried a favorable interest rate, especially in today's marketplace," says George Cushing, senior vice president with Grubb & Ellis Co's Houston office, who represented the seller. The JPMorgan Chase Bank note is a 10-year, $7.5-million mortgage with a 5.44% fixed-rate interest and 30-year amortization.
Cushing tells GlobeSt.com that Academy's lease expires in December 2030 and Best Buy's set in place through September 2015. The asset's strength through its tenants, cap rate and location near the 559,864-sf Sunset Mall attracted five offers, with Santex, a wholly owned subsidiary of Lincoda Inc., getting the nod for its ability to close. "They matched another high offer," Cushing says. "That and their ability to act and respond made the choice easy."
Grubb & Ellis associate Wendy Vandeventer assisted Cushing in the transaction. Robert Mills of RM Realty Group Inc. in Dallas represented the buyer.
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