The just-sold properties, with 10 buildings, are the 170,453-sf West Loop II at 5407-5419 Bandera Rd. in the northwest submarket and 65,313-sf 300 Ramsey Place in the north central area. The gist of the deal is Richland Investments Inc. took the reins from Ramsey Loop Realty LP, which acted through its adviser, Great Point Investors LLC. According to local sources, West Loop II, with a warehouse-type design, probably brought about $50 per sf for the seller while 300 Ramsey most likely traded in the $65 per sf to $70 per sf range.
Alan Grilliette, senior vice president for Transwestern Commercial Services' San Antonio office, tells GlobeSt.com that Richland beat out 17 others because of its price although he steadfastly declined to divulge any details about the winning offer. "We got a lot of attention from this portfolio from buyers all over the country," says Grilliette, who, with Transwestern's Jeff Brown and Rudy Hubbard, represented the seller. Transwestern will be leasing the buildings for Richland.
Grilliette says the lease roll isn't significant, but there are upside opportunities from filling the vacancy. "This is a pretty stabilized asset," he says. "It's a great value-add deal for the buyer and I think it'll be a terrific investment for them." He adds that Richland, which already owns assets in the San Antonio market, is on the look out for more to acquire in the area.
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