SAN ANTONIO-A Texas-based institutional fund has sold 541,491 sf of flex space to a private capital group from Los Angeles in two separate transactions. The just-sold assets are two industrial parks in Greater San Antonio and one in Oklahoma City.

The buyer plans to make minor upgrades to the 328,412-sf Sentinel Business Center, an 18.5-acre park at 10530-10732 Sentinel Dr., and 137,236-sf Blossom Business Center, a 9.3-acre development at 12005-12095 Starcrest Dr., both in San Antonio. A major renovation is planned for the 75,843-sf Greenfield Service Center, which covers 5.2 acres at 6101-25 W. Reno Ave.

The sales price was not disclosed due to confidentiality agreements, but similar buildings in San Antonio are selling for $40 per sf to $50 per sf, and flex assets in OKC are going for $20 per sf to $30 per sf.

Watch Omega Holdings LP of Irving, TX sold the properties because its hold period was up, according to Bill Tourtellotte, vice president of investment services for GMH Capital Partners in Newton Square, PA. He and GMH account representative Shawn Lubic represented the seller.

The assets were snapped up by what Tourtellotte describes as a buying group with a history of a strong performance on previous deals and a good relationship with the seller. “These were very hotly contested deals,” Tourtellotte says. “We saw investors with great track records and were fortunate in this case to have a very good pool of them.”

Tourtellotte tells that the upside for the San Antonio assets, which traded in one transaction, is the buyer’s ability to eventually boost rents. He adds that the plan is to invest some money into minor upgrades to the 30-year-old Sentinel Business Center, which is 99% occupied, and 24-year-old Blossom Business Center, which is 96% leased. The centers are less than three miles apart and near the San Antonio International Airport.

Tourtellotte says Greenfield Service Center, built in 1984, will require a different strategy because it is 69% occupied. “This was a different profile, more of a value-add play,” he explains. “They’ll be doing a lot more with this. After a capital upgrade program, they’ll boost occupancy through aggressive management.”

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