SAN ANTONIO-A real estate company, taking advantage of the area’s growth and demand for back office space, acquired a vacant 62,000-sf Albertsons, with plans to convert the facility into a single-tenant project. The sales price on the facility was not available, however, similar properties in the area have traded for $40 per sf.

Along with renovating the building, new owner Stream Realty LP will convert an adjacent three acres into a parking lot. Stream Realty will begin renovations on the facility at 6415 Babcock Rd. in January 2007, with a scheduled April 2007 completion. A specific budget for renovations was not available.

Stream Realty acquired the property in a direct deal from Dallas-based Archon Group. “Archon bought a portfolio of vacant Albertsons three years ago, and they’re selling it off,” comments Allan Young, managing partner with Stream Realty’s San Antonio office.

“The general location is great for this type of office facility,” Young continues. “We’re gearing this toward high-density office users, tenants that’ll put a lot of people into the space.” He tells that the building would make sense as a call center or business processing center. The location is a strong one, as it’s close to many of the major employers in the area.

Young goes on to say that the northwest submarket is seeing a high demand for back office space, with little supply available. “There isn’t much out there that can also satisfy parking needs,” he adds, which is why the project will offer a 9:1,000 parking ratio.

The vacant facility is next to a 10,000-sf strip center in the area, which has service-oriented businesses including a dry-cleaning establishment and a take-out pizza restaurant.

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