SAN ANTONIO, TX—While the San Antonio market may not get the same attention as Texas' major markets, Tim Ballard, co-founder and president of Newport Beach, CA-based Buchanan Street Partners, believes in the South Texas city.
“The San Antonio office market continues to experience slow and steady growth,” Ballard told GlobeSt.com. “Many other Texas markets have much higher levels of growth that causes investors to buy based upon aggressive expectations of future rents and values. Due to the less robust forecast for future growth in San Antonio you have an opportunity to achieve a higher current return in the form of cash flow versus aggressively betting on the significant value appreciation.”
Ballard and his firm recently announced its fifth purchase in the market: San Pedro Plaza, a 163,764-square-foot office building located at 7330 San Pedro Ave. Buchanan Street will make extensive improvements to attract new tenants during a time of positive absorption in the region.
“We are currently in the design phase of extensive physical upgrades for San Pedro Plaza, and are anticipating construction completion within six months,” Ballard says. “We plan to bring the building out of the 1980s and into the 2010s with $4.5 million in improvements, which includes a significant portion dedicated to TI packages.”
Buchanan Street plans to significantly upgrade the lobby, restrooms and common areas. Additionally, Buchanan will be removing an adjacent retail building in order to provide more convenient access and additional surface parking. The building is currently 30 percent vacant with available suites ranging from 1,000 square feet to 18,000 square feet.
San Pedro Plaza is located in the North Central submarket near the intersection of Loop 410 and San Pedro Avenue; it is also less than 10 minutes from San Antonio International Airport, Alamo Quarry Market and North Star Mall.
Barbara Emmons and Todd Mills of CBRE represented the seller in this transaction. Buchanan Street represented itself.
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