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SAN ANTONIO-4M Realty of San Antonio has just closed a $375,000 buy of 9.94 acres in San Antonio’s northeast submarket.

The real estate company has bought the land, located in a high-traffic industrial area within blocks of Interstate 35, for investment purposes, Jana Eaton, an industrial broker with Grubb & Ellis Co.’s San Antonio office, tells GlobeSt.com. The sales price equates to a little more than 86 cents per sf.

Eaton and Terry Warth of CB Richard Ellis’ San Antonio office have represented the seller, SRE San Antonio Properties Inc., and 4M Realty has used in-house broker Michael Weiss to negotiate the sale. Eaton says SRE has owned the land at 4903 Rittiman Rd. for several years during which time it has primarily been used as an open storage site by Austin Industrial, a high-profile road contractor.

The light industrial-zoned acreage is in a submarket that bears 13 million sf of the city’s 23 million sf industrial inventory, says Eaton. And more new product is on the way in the vicinity of 4M Realty’s acquisition. At the end of the first quarter, there had been two million sf vacant. The average warehouse-distribution property in the northeast fetches $3.52 per sf annually.

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