X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

SAN ANTONIO-ProLogis Trust had added to its San Antonio holdings with the purchase of the Eisenhauer 35 Business Park in the northeast submarket, the city’s biggest industrial area. The distribution facility, assessed at $16 million, is positioned near the intersection of Interstate 35 and Loop 410.

Eisenhauer 35 has 590,400 sf of distribution space in four buildings and 18.2 acres available for development. The property is 95% leased. Tenants are Applied Industrial Technologies, Aladdin Manufacturing Corp., Walsh Distribution Inc., Kimberly-Clark Corp. and CAI LP.

Aurora, CO-based ProLogis bought the facility from Northwestern Mutual Life Insurance Co., based in Milwaukee. Northwestern developed the project, completing the first phase in 1999 and the second in 2000, Eric Brown, a ProLogis vice president in San Antonio, tells GlobeSt.com. ProLogis won a nationwide bidding process conducted for Northwestern by the Dallas office of Cushman & Wakefield of Texas Inc.

ProLogis has more than five million sf of distribution space in San Antonio. About three million sf is in the northeast submarket, the biggest concentration of distribution and other industrial space in the city.

The 18.2-acre property will be used for expansion project by current ProLogis customers, Brown says. “We’re going to let out existing customer base dictate how we move forward on that project,” he says. “As our existing customer base requires expansion space, we’ve got the ability to do another 300,000 sf on the adjacent property.”

The northeast submarket has more than 24 million sf of industrial space, triple the space of the next largest industrial submarket. The vacancy rate was 13.1% at midyear for the northeast in comparison to a citywide vacancy rate of 17.1%.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt. NET LEASE Spring 2021Event

This conference brings together the industry's most influential & knowledgeable real estate executives from the net lease sector.

Get More Information
 

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.