SAN ANTONIO-Locally based Embrey Partners Ltd. sold Quarry Village to an equity fund advised by Crow Holdings Capital Partners LLC of Dallas. The 10.7-acre, mixed-use property includes the 280-unit Artessa and 70,785 square feet of retail space.
An article in the San Antonio Express notes that Quarry Village at 300 E. Base Rd. was the first San Antonio project to receive a mixed-use zoning classification from the city. The Bexar County Appraisal District values the asset at approximately $68 million. The Express says the project opened in late 2008 and, despite a slow start, has a solid mix of retailers and restaurants.
The Artessa, a luxury apartment complex, was 98.5% leased. Artessa’s floor plans range from 682-square-foot one-bedroom apartments to 3,000-square-foot penthouses.
The retail development will be 90% leased by year end. Craig LaFollette of Holliday Fenoglio Fowler LP represented Embrey and equity partner Nationwide Insurance in the transaction.
“We spent four years from concept to ground breaking as we looked for the highest and best use for this amazing piece of property – the very last tract in the redevelopment of the old Alamo Cement quarry,” said Jeff Booth, Embrey Partners senior vice president of development in a release detailing the sale.
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