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SAN ANTONIO-Cannon Commercial Inc. has added to its Central Texas portfolio, buying the 160,172-sf Travis Park Plaza and adjacent 800-space parking garage in the Downtown. Sources say the sale followed the norm for comparable class A buildings, trading for $130 per sf to $150 per sf.

The Los Angeles-based Cannon Commercial acquired the holding at 711 Navarro St. from Darren Casey Interests Inc., the owner since 2003. Casey had Travis Park Plaza in a portfolio that it sold in July 2007 to Newport Beach, CA-based Chase Merritt, but pulled that one building prior to the closing. According to Bexar Central Appraisal District, Travis Park Plaza is assessed at $13.9 million.

Kam Mateen, president of Cannon Commercial, says the 90%-leased building was well-maintained. The upside potential rests in the fact that the CBD is in a growth mode, which also appealed to Cannon’s acquisitions staff.

The real selling point, however, was the garage. “There are only six or seven structured parking garages in Downtown San Antonio. Covered parking is scarce,” Mateen explains. He adds that the garage is open to the public and an excellent source of revenue.

Mateen tells GlobeSt.com that the plan is to invest about $1 million into upgrading the lobby and exterior of the 1970s-era building. The post-renovation plan, he adds, is to bump rents. Cannon Commercial will manage Travis Park Plaza and NAI-REOC Partners of San Antonio will handle leasing. Todd Mills, senior vice president in San Antonio for CB Richard Ellis, brokered the transaction between Casey and the buyer.

Cannon Commercial’s other San Antonio holdings are the 190,819-sf Ashford Oaks, a class A office building at 8122 Datapoint Dr. and 86,057-sf Northtowne Plaza retail center at 6900 San Pedro Ave. Mateen says he continues to be on the lookout for more acquisitions statewide, but nothing else is under contract at this time.

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