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Edited by Holly Kelch
Volume 03 Number 04 April 2013

San Antonio Real Estate Trends is prepared for investors, lenders, brokers, developers, management companies and other industry professionals to provide transaction data and insights into market trends. The newsletter covers significant transactions and economic and financial news for Multifamily, Retail, Office, Industrial, Single-family and Vacant land. Click on the following for more information:

Apartments

Apartment market occupancy in San Antonio stood at 92.45% in March 2013, an increase of 0.32% compared to the adjusted figure for the previous month, according to www.oconnordata.com, O’Connor & Associates data. Overall rents stood at $0.926 per square foot, which represented an increase of $0.003 per square foot, when compared to February. Rental rates increased by $0.002 per square foot for Class A properties, by $0.005 per square foot for Class D properties and by $0.003 per square foot for both Class B & Class C properties, when compared to previous month. Pre-leasing is currently underway in 1 community (120 units) out of the 12 total properties (2,844 units) in the construction pipeline city-wide.

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Note: The multifamily projects listed herein are followed by their representative identification number as they appear in the new O’Connor & Associates ApartmentLink Online Data platform and are provided for subscriber cross-referencing. The property information contained within this database is updated on a monthly basis and accessible over the web. (Please contact us for more details.)

The following chart illustrates historical apartment market occupancy.

Source:O’ConnorData.com

Apartment Sales

  • Regency Evans Ranch LLC, an entity of TA Associates Realty (Scott Dalrymple: 617-476-2700, sdalrymple@tarealty.com), has purchased Evans Ranch (18756), a 329-unit, Class A community located at 1234 Evans Road in the North Central 2 submarket (483A6), from RREC Evans Ranch LLC, an entity of Royalton Real Estate Capital LLC (Terry Gwin: 214-987-6366, terry.gwin@royaltonrec.com). The one-year-old property is 86% occupied with average rents at $1.15 per square foot and an average unit size of 883 square feet.


1 multifamily property was sold in the month of February 2013, according to the Commercial Deed Report published by O’Connor & Associates. This represented an unchanged figure from the previous month..

The following charts illustrate office sales in the San Antonio area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report for more sales information.

Apartment Financing

    Sable Ridge

  • Berkadia Commercial Mortgage LLC (Jim Badolato: 215-328-4622, jim.badolato@berkadia.com) has provided $12 million in financing for Sable Ridge (846), a 333-unit, Class C community located at 330 Kitty Hawk Road in the San Antonio, Bexar County (554E3). The 39-year-old community is 95% occupied with average rents at $0.84 per square foot. The borrower was Conciege Sable Ridge LLC, an entity of Drever Capital Management (Ted Kerr: 713-439-1773, ted@drever.net).

  • Spice Creek

  • NorthMarq has arranged $7.55 million in acquisition financing for Spice Creek (1013), a 192-unit, Class B community located at 8802 Cinnamon Creek Drive in the Medical Center submarket (548F6), through its affiliate AmeriSphere Multifamily Finance, LLC, a Fannie Mae DUS Lender. The 27-year-old community is 99% occupied with average rents at $0.88 per square foot. Luke Donahue (602-508-2211 ext 7111, ldonahue@northmarq.com) of NorthMarq represented the borrower, Chadnic Management & Richlin Properties (618-566-2518).

  • Marigold

  • Centerline Mortgage Capital LLC, an entity of Centerline Capital Group (Michael Larsen: 212-317-5700, mlarsen@centerline.com), has provided $2.2 million in financing for Marigold (889), a 116-unit, Class C community located at 2303 Goliad Road in San Antonio, Bexar County (651F6). The borrower was Casa Bella of Deleware LLC, an entity of Lev Investments Inc (Lahav Gabay: 818-380-9124, lahav@levinvestments.com).



Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans report.

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Office Buildings

Office Sales

  • LSREF2 Windmill REO (Eilan Land) LLC, an entity of Hudson Advisors LLC (Summer Trejo: 214-754-8858, strejo@hudson-advisors.com), has purchased 1.2 million square feet of office space located within the Éilan development at 17806-17855 West IH-10 in San Antonio, Bexar County (514B2), from Wereldhave USA-San Antonio LP, an entity of Wereldhave Management USA Inc (Joseph Anthony: 914-694-5900, joe.anthony@wereldhave.com). The two-year-old property is located on 119.20 acres.

  • Albert Cavazos (210-422-1126) has purchased a 2,000 square-foot office building located at 242 West Sunset Road in San Antonio, Bexar County (583B1), from John Lowe (830-278-4471). The 13-year-old building is situated on 0.13 acres.




In the month of February 2013, 10 office buildings were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represents a 9.09% decrease compared to January. In terms of gross square feet, sales increased by 78.61% over the previous month.

The following charts illustrate office sales in the San Antonio area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report for more sales information.

Office Financing

  • Monumental Life Insurance Company, an entity of Transamerica Corporation (Henry Hagan: 319-355-8511, henry.hagan@transamerica.com), has provided $10 million in financing for a 100,000 square-foot office building located at 5859 Farinon Drive in San Antonio, Bexar County (548D2). The borrower was CLF Farinon San Antonio LLC, an entity of CapLease (Robert Blanz: 212-217-6300, robert@caplease.com). The 29-year-old building is situated on 7.45 acres.

  • Freeport Financial LLC (Matt Gerdes: 312-281-4600, mgerdes@freeportfinancial.com) has provided $78,880 in financing for an 80,000 square-foot office building located at 5109 Medical Drive in San Antonio, Bexar County (548E8). The borrower was Pracs Institute San Antonio LLC, an entity of PRACS Institute (Mark Ubert: 701-239-4750). The four-year-old building is situated on 3.43 acres.

  • Comerica Bank (Shawna McKenzie: 734-632-5032, shawna_m_mckenzie@comerica.com) has provided $467,156 in financing for an 8,600 square-foot office building located at 425 Soledad Street in San Antonio, Bexar County (616E4). The borrower was Better Business Bureau Incorporated (Carrie Hurt: 512-445-2911). The 38-year-old building is situated on 0.06 acres.

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans report.

Office Leases

  • Peloton Commercial Real Estate represented the landlord in the following transactions:

    • Brigadiere Oil & Gas (Daniel Kimes: 469-209-0760) has leased 1,955 square feet at Hollaway Centre (17031), a 21,000 square-foot, Class B building located at 2511 Loop 1604 West in San Antonio, Bexar County (515F3), from RR1604 LTD. The 10-year-old building is 44% occupied with average rents at $22.00 per square foot. Jason Adkison (210-299-1172 x 238, jadkison@peloton-sa.com) and Kyle Gunter of Peloton represented the landlord.

    • Rowe-Smith Oil (210-225-5155) has renewed its lease of 2,197 square feet at The Abbey (17136), an 18,000 square-foot, Class C office building located at 300 Austin Highway in San Antonio, Bexar County (583C5), from Person Whitworth Borchers & Morales LLP (Allan Paterson: 210-824-4411). The 10-year-old building is fully occupied with average rents at $23.00 per square foot. Kyle Gunter (210-299-1172 x 229, kgunter@peloton-sa.com) of Peloton represented the landlord.

  • Stream Realty Partners represented the landlord in the following transactions:

  • One Castle Hills

    • Webster University (210-348-8816) has leased 10,504 square feet at One Castle Hills (16804), a 156,000 square-foot, Class B office building located at 1100 North West Loop 410 in San Antonio, Bexar County (550C7), from 1100 LOOP 410 LLC. The 30-year-old building is 86% occupied with average rents at $21.75 per square foot. Ben Crawford (210-481-3300 x17, ben.crawford@am.jll.com) of Jones Lang LaSalle represented the tenant, while Ryan Harrison (210-298-8524, rharrison@streamrealty.com) of Stream represented the landlord.

    University Park Tech Center III

    • Atento (210-390-3920) has leased 36,000 square feet at University Park Tech Center III (16273), a 75,000 square-foot, Class C office building located at 5959 Northwest Parkway in San Antonio, Bexar County (548C2), from Ardent Realty (704-266-2193). The 11-year-old building is 50% occupied with average rents at $15.00 per square foot. Arnie Jacob (210-275-1836, ajacob@clearcommercial.com) of Clear Commercial Realty represented the tenant, while Jason Schnittger (210-298-8513, jschnittger@streamrealty.com) of Stream represented the landlord.

    One Village Park

    • BlaskoOwens has leased 1,549 square feet at One Village Park (16850), a 50,000 square-foot, Class B office building located at 14607 San Pedro in San Antonio, Bexar County (517A7), from Live Oak –Gottesman (Rob Golding: 512-472-5000). The 26-year-old building is 85% occupied with average rents at $20.50 per square foot. Carolyn Hinchey Shaw (210-298-8511, cshaw@streamrealty.com) and Lindsey Meche of Stream represented the landlord.


    • National Choice Care (800-213-1009) has expanded its lease of 842 square feet at Centerview Crossing (16453), a 38,000 square-foot, Class C office building located at 4538 Centerview Drive in San Antionio, Bexar County (581A4), from Omninet Capital LLC (Benjamin Nazarian: 310-300-4100, ben@omninet.com). The 37-year-old building is 82% occupied with average rents at $17.25 per square foot. Carolyn Hinchey Shaw and Ryan Harrison of Stream represented the landlord.

For latest tenant and vacancy information, subscribe to OconnorData.com.

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Retail Centers

Retail Sales

  • Dune SC Sub II LLC, an entity of Dune Capital Management LP (David Oliner: 212-301-8303, david.oliner@dunecapital.com), has purchased the 136,000 square-foot Sam's Club located at 3150 Southwest Military Drive in San Antonio, Bexar County (649D7), from US Bank NA (Todd Dinezza: 617-603-6573, todd.dinezza@usbank.com). The 28-year-old warehouse discount store is situated on 14.04 acres.

  • LMB Capital Real Estate LLC, an entity of LMB Financial (J D Castrejana: 210-308-9833, lmbfinancial@sbcglobal.net), has purchased 4500 West Ave (52379), a 14,000 square-foot strip center located at 4500 West Avenue in San Antonio, Bexar County (582A1), from Daniel Dahn (512-494-6372). The 54-year-old property is 23% occupied.

  • Acapulco Beauty Shop (Salvdore Gonzalez: 210-431-3395) has purchased a 3,200 square-foot retail store located at 7519 Somerset Road in San Antonio, Bexar County (649C8), from Alonzo Reyes Sr. The 47-year-old store is situated on 0.33 acres.

In the month of February 2013, 16 retail centers were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented an increase of 100% over the previous month. In terms of gross square feet, sales reported a two-fold increase when compared to January.

The following charts illustrate retail sales in the San Antonio area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report for more sales information.

Retail Financing

  • Bank of Houston (Angela Sheffield: 713-600-6789, asheffield@bankhouston.com) has provided $75,000 in financing for a 14,000 square-foot drug store located at 121 North Zarzamora Street in San Antonio, Bexar County (616A4). The four-year-old store is situated on 1.58 acres. The borrower was J D McGrath Texas LLC, an entity of McGrath Brothers Great Pacific Pumpkins (Mary McGrath: 805-644-1235, micmar@aol.com).

  • Security State Bank (Mike Wilson: 830-334-3606, mwilson@securitystbk.com) has provided $452,000 in financing for a 10,000 square-foot neighborhood center located at 4710 Hackberry Street in San Antonio, Bexar County (651B4). The 44-year-old center is situated on 1.08 acres. The borrower was USC Properties II LLC (John Shaugnessy: 512-614-0017).

  • Broadway National Bank (James Allen: 210-283-6500, jallen@broadwaybank.com) has provided $819,000 in financing for a 9,000 square-foot retail store located at 2918 West Commerce Street in San Antonio, Bexar County (616A5). The 78-year-old store is situated on 0.80 acres. The borrower was Big Biz Investments Ltd (Shirley Gonzales: 210-432-7961).

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans report.

Retail Leases

  • Best Buy Mobile (888-229-3770) has leased between 1,500-4,500 square feet at the following retail locations:

    • Park North (52728), a 1 million square-foot regional center located at 842 Loop 410 in San Antonio, Bexar County (550D7), from PN Plaza Investments. The seven-year-old center is 71% occupied with average rents at $3.33 per square foot. Michael Jersin (210-410-6156, mjersin@reatares.com) of United Commercial Realty represented the landlord.

    Terrell Hills

    • Terrell Hills (53669), a 147,000 square-foot neighborhood center located at 1230 Austin Highway in San Antonio, Bexar County (583E4), from Aberfeldy Properties. The 32-year-old center is 78% occupied with average rents at $0.42 per square foot.  Jonathan Haag (210-253-3069, haagj@ucr-sa.com) of United Commercial Realty represented the landlord.

    Exchange Plaza Shopping Center

    • Exchange Plaza Shopping Center (52211), a 125,000 square-foot neighborhood center located at 5819 NW Loop 410 in San Antionio, Bexar County (580C5), from RPD Catalyst, LLC (Scott Dew: 310-557-1311 ext 103,  sdew@rpdcatalyst.com). The 26-year-old center is 77% occupied with average rents at $1.21 per square foot. David Saunders (210-253-2940, david.saunders@transwestern.net) and Martin Down of Transwestern represented the landlord.

    Susan Ridley (214-378-1212, sridley@venturedfw.com) of Venture Commercial represented the tenant.


For latest tenant and vacancy information, subscribe to OconnorData.com.

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Industrial Facilities

Industrial Sales

  • AJ Handson Corporation (Eric Gomez) has purchased 5807 Rittiman (18152), a 17,000 square foot facility located at 5807 Rittiman Plaza in San Antonio, Bexar County (584D5), from JM Property Holdings LLC (James Smyrles: 904-220-7303). The nine-year-old property was vacant at the time of sale with average rents at $0.55 per square foot.

  • LIDS Christian Center Inc (Israel Ramirez: 210-614-4349) has purchased 910 E Southcross Blvd (18440), a 15,000 square foot warehouse facility located at 910 East Southcross Boulevard in San Antonio, Bexar County (650F5), from Color Tone Paint Inc (Mike Benitez: 210-736-3143, mbenitez@colortonepaint.com). The 32-year-old property was fully leased at the time of sale.

  • Jose Dallo Jr (210-767-0894) has purchased an 8,000 square-foot warehouse facility located at 119 East Aviation Boulevard in San Antonio, Bexar County (555A3), from Jesus Dallo (210-432-7834). The 80-year-old property is situated on 0.52 acres.

In the month of February 2013, 8 industrial properties were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. This represented an increase of 14.29% when compared to January. In terms of gross square feet, sales decreased by 28.11% over the previous month.

The following charts illustrate industrial sales in the San Antonio area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Industrial Leases

  • Lennox Industries Inc (Joseph W. Reitmeier: 972-497-5000) has leased 14,761 square feet at Interwest Business Park (6800), a 220,000 square-foot office/warehouse facility located at 6850-6896 Alamo Downs Parkway in San Antonio, Bexar County (614A1), from DRA Advisors Inc (212-697-4740). The 29-year-old facility is 98% occupied with average rents at $0.43 per square foot. Joe Carroll (210-349-0900 ext. 115 jcarroll@cavenderhill.com) of Cavender & Hill Properties Inc represented the tenant, while Jason Schnittger (210-298-8513, jschnittger@streamrealty.com) and Michael Flowers of Stream Realty Partners representing the landlord.

  • Gateway Printing and Office Supply (John Howland: 210-650-3995, johnh@jonescook.com) has renewed its lease of 18,000 square feet at Blossom Cove Business Park Bldg B (35256), a 153,000 square-foot warehouse facility located at 11803-11889 Starcrest Drive in San Antonio, Bexar County (551C3), from Santa Barbara Development Services LLC (Barbara W. Patrick: 210-736-3600, barbara@sbrservices.com). The 28-year-old facility is 85% occupied with average rents at $0.58 per square foot. Adam Berlin (210-524-4029, aberlin@naireocsanantonio.com) of NAI REOC represented the landlord.

Get latest tenant and vacancy information at OconnorData.com.

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Other Purpose

Other Sales

  • Henry Gray (210-616-9788) has purchased a 15,000 square-foot Commercial Garage Service located at 135 West Rhapsody Drive in San Antonio, Bexar County (550E3), from CIT Small Business Lending Corporation, an entity of CIT Group Inc (Judith Barta: 973-740-5000, judith.barta@cit.com). The property is situated on 1.28 acres.

  • Rockna Investments LLC (Donald Almstead: 210-822-2679, dstead12@aol.com) has purchased a 3,000 square-foot do-it-yourself carwash located at 2265 Austin Highway in San Antonio, Bexar County (584C1), from A&C Car Wash Investments LP, an entity of Blanco Car Wash Management Inc (John Atkinson: 210-481-7931). The property is situated on 1.84 acres.

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report.

Other Financing

  • Broadway National Bank (James Allen: 210-283-6500, jallen@broadwaybank.com) has provided $705,000 in financing for a 10,000 square-foot restaurant building located at 11715 East Bandera Road in San Antonio, Bexar County (547A3). The nine-year-old building is situated on 2.53 acres. The borrower was Sea Island - Bandera Pointe Ltd, an entity of Sea Island Shrimp House (Barclay Anthony: 210-342-2800, banthony@shrimphouse.com).

  • JTREO Inc, an entity of Buttross Properties (David Buttross: 512-320-0888, david@buttross.com), has provided $245,000 in financing for a 5,000 square-foot day care center located at 342 Whitewood Drive in San Antonio, Bexar County (648C6). The 37-year-old center is situated on 0.62 acres. The borrower was Revilo Holdings LLC (Michael Oliver: 210-277-7292).

  • The Bank of San Antonio (Alan Smith: 210-807-5500, alan.smith@thebankofsa.com) has provided $704,000 in financing for a 2,000 square-foot restaurant building located at 7953 Pat Booker Road in San Antonio, Bexar County (554A1). The four-year-old building is situated on 0.79 acres. The borrower was GC SA Properties LLC, an entity of Allen Tharp & Associates LLC (Gail Boyer: 210-878-0034, gboyer@allentharp.com).

Find detailed contact information of all buyers and lenders and mortgage amounts of Deed of Trust transactions. Subscribe to our Commercial Real Estate Loans report.

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Vacant Land

Land Sales

  • Calle Stoneoak 1 Ltd, an entity of Bene-Comp Insurance Services (Louis Kowalski: 210-829-7577, louis@bene-comp.com), has purchased 23.7 acres located along the north side of Stone Oak Parkway, east of Evan Road, in San Antonio, Bexar County (483A5), from McMillin Texas Development LLC, an entity of McMillin Homes (Ed Berlanga: 210-490-1798, sahomes@mcmillin.com).

  • Andrew Gutierrez (210-735-2662) has purchased 17.9 acres located at 13220 East US Highway 87 in Adkins, Bexar County (656C7), from Veterans Land Board of The State of Texas (Paul Moore: 512-463-5060, paul.moore@glo.state.tx.us).

  • M&H Builders LP (David Moody: 210-403-9267) has purchased 10 acres located at the northeast corner of South FM 1516 and Real Road in San Antonio, Bexar County (620A7), from William Bailey (210-496-1949).

In the month of February 2013, 107 acres of land were sold according to the monthly Commercial Deed Report published by O’Connor & Associates. Sales increased by 13.19% when compared to the previous month.

The following charts illustrate land sales in the San Antonio area:

Source: Commercial Deed Report

Improve your sales opportunities with detailed contact information of all buyers and sellers. Subscribe to our Commercial Deed Report for more sales information.

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Single-Family Housing

MLS home sales for the month of February 2013 were 1,379 existing homes, according to the San Antonio Board of REALTORS (SABOR). The sale represents a decrease of 4% when compared to February 2012. The median price for existing single-family homes was $157,000, a 4.31% increase from 2012, while the average home price was $194,003 which is a 5.20% increase compared to 2012.

Note: MLS sales include primarily existing home sales throughout the San Antonio region. Historical comparisons are offered solely for informational purposes and may not truly reflect growth in sales.

According to RealtyTrac, Texas reported 5,627 new foreclosure filings in January 2013, a decrease of 19.23% in filings when compared to December 2012. Bexar County recorded 511 filings, with San Antonio accounting for 477 filings of them.

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Economic & Financial News

The total number of nonagricultural wage and salary jobs in the one-county San Antonio area decreased by about 9,000 jobs to 881.400 in February 2013, according to the U.S. Department of Labor. This total is 17,282 more than the 864,117 jobs in February 2012. Of nonagricultural employers, the Professional and Business Services sectors posted the largest gain over the month of 2,500 jobs. On a year-on-year basis Mining and Logging posted the largest gain, adding 801 jobs in the last twelve months.

The following chart illustrates total non-agricultural employment in the San Antonio MSA.

Source:  U.S. Bureau of Labor Statistics (BLS)

The Business Cycle Index (BCI) for Texas stood at a seasonally adjusted 197.2 in February 2013 while the BCI for the San Antonio metropolitan area stood at 248.5, according to the Federal Reserve. The Texas Leading Index posted 124.3 for the month of February 2013. The indexes represent broad movements in local Texas economies relative to a figure of 100 in 1987, the base year.

The Baker Hughes count of active domestic rotary rigs stands at 1,762 for February 2013. The current rig count is down 11.45% from last year’s figure of 1,990 rigs. The rotary rig count is a census of the number of drilling rigs actually exploring for or developing oil or natural gas in the United States.

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Potpourri

The Architecture Billings Index, developed by the American Institute of Architects, stood at 54.9 for February 2013, an increase of 0.7 points over the previous month (any score above 50 indicates an increase in billings). Both the project inquiries index and the inquiries for new projects score was 64.8, an increase of 1.6 points over the previous month.

  • Woodbine Development Corp. (King Scovell: 214-855-6000) has planned for the development of Kimpton Hotel, a 146-room luxury boutique hotel, which will be a part of Pearl, a 22-acre mixed-use development located in downtown San Antonio. The property will include two restaurants, a roof-top pool, venue space facing the river and a cocktail bar. New York City-based Roman & Williams Buildings and Interiors is part of the design team and Kimpton Hotels & Restaurants will operate the hotel and its associated restaurants. The project is slated for completion by the beginning of 2014.

  • Taylor Dorris (210-507-1119, taylor.dorris@cbre.com) and Steve Thomas (210-771-3606, steve.thomas@cbre.com) of CBRE have been assigned as leasing and marketing service agents for One Riverwalk Place (16917), a 269,000 square-foot, Class B office building located at 700 North Saint Mary’s Street in San Antonio, Bexar County (616E4), on behalf of Winthrop Realty Trust (Carolyn Tiffany: 617-570-4614). The 31-year-old building is 62% occupied with average rents at $21.50 per square foot.

Following appointment was noted in real estate firm in San Antonio:

Chris Mueller

Jonathan Haag

  • Jonathan Haag (210-253-3069, haagj@ucr-sa.com) and Chris Mueller (210-253-3073, muellerc@ucr-sa.com) have been promoted to Partners for the retail section at United Commercial Realty (UCR) San Antonio.






Please direct any questions regarding content in the San Antonio Real Estate Trends to Holly Kelch at 713-686-9955 or hkelch@poconnor.com.


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