REOC San Antonio
Commercial Real Estate Since 1974   
Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Personal income increased amid pandemic

According to the latest report released by the U.S. Bureau of Economic Analysis (BEA), personal income in Texas increased 5.1 percent in 2020. 

Last year, the state’s per capita personal income increased to $54,841 from $52,829 in 2019.  

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Good news for shopping center owners looking for refinancing: Lenders are returning

Retail real estate borrowers with loans maturing, even some who had refinancing committed, saw lenders’ doors slam shut last year. “You didn’t know what tenants were going to survive, flourish or have to move out, and you didn’t know which ones were going to be able to pay rent or need some assistance,” said NorthMarq Dallas managing director and senior vice president of debt and equity Ron Reese. Now lenders are returning to the market.

Financing for all but best-in-class, grocery-anchored centers and credit tenant, net lease properties froze for a good three to four months last year. “The retail deals we were transacting on we couldn’t close because we couldn’t deliver estoppels that said tenants were paying rent, and tenants didn’t know what their future looked like,” said Reese. However, the market began to thaw late in the third quarter, and more lenders are continuing to trickle back.

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Fourteen retailers expanding in 2021

Not all retailers are downsizing their physical assets in the wake of the pandemic. So far this year, retailers in the U.S. have announced 3,199 store openings and 2,548 closures.

In 2019, retailers announced 4,548 openings, up from 3,747 in 2018. The good news: To date in 2021, openings are already tracking to top each year prior.

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CRE’s Pricing Disconnect

There is a disconnect in the public and private markets and across sectors.  Some small disconnect isn’t anything new but there’s been a significant repricing on public assets since COVID while valuations on the private side didn’t moved as much, especially earlier in 2020.  That said, the positive vaccine news increased valuations by the end last year which has closed some of the gap between the private market and the public market.

But the divergence in pricing across sectors remains. Retail properties, for example, have been hardest hit.  Retail sees the immediate link between the revenue a tenant makes in a store and the rent it pays for that store space.  Meanwhile, Industrial properties have continued to be very strong and even accelerated in some markets.

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CPS Energy sells 146 Navarro for $22M

CPS Energy recently sold its Navarro Building to Los Angeles-based BH Properties for $22.3 million.  The building and garage, located at 146 Navarro St., is situated across the street from its former headquarters at 145 Navarro.

Built as a seven-story parking garage for HemisFair ’68, CPS Energy has been the building’s sole occupant since the event, adding three stories of office space above the garage in 1987.

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New office space in Alamo Heights at 200 Austin Hwy

200 Austin Hwy

Locally-based, Ridgemont Properties Inc. recently delivered 200 Austin Highway in Alamo Heights.  The 28,000-square-foot office development is aimed to attract local small businesses with three completed spec suites.

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RH & Farmer Bros sign at EIP

Robinson Weeks Partners and Titan Development executed two leases with furniture retailer RH (formerly Restoration Hardware) and wholesale coffee supplier Farmer Brothers at Enterprise Industrial Park (EIP), a Class A speculative development located at 17445 Lookout Road in Schertz.  The leases total more than 80,000 square feet.

Enterprise Building VI is a joint venture between Robinson Weeks and Titan Development.  The facility is part of EIP, a 125-acre, master-planned industrial park.

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New industrial park underway near Loop 410 & I-35

CenterPoint Logistics Park

Dallas-based Jackson-Shaw broke ground on CenterPoint Logistics Park – a 65-acre master-planned industrial park at 4235 Milling Road, near the intersection of Loop 410 & IH-35.  The project is a partnership between Jackson Shaw, a national real estate developer, and Dallas real estate investment firm Thackeray Partners.

The first phase of the project includes three buildings totaling 302,518 square feet.  Each building will include flexible space for office, showroom, manufacturing, distribution, assembly and other industrial uses. Two of the buildings are rear-loaded, one is front-loaded.

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Hines Acquires Amazon Facility in Schertz

Amazon Fulfillment Center – Schertz

Hines recently purchased the 1,262,294-square-foot Amazon fulfillment center in Schertz. The new owner reportedly spent $129.2 million for the colossal Class A warehouse. The sale is the company’s fourth global logistics purchase this year.

The facility is situated at 6000 Schertz Parkway, just west of Interstate 35 and 20 miles northeast of downtown San Antonio. …Read Entire Post

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Medical and corporate campus expansions top largest building permits in November

November saw more than $554 million in commercial construction permits with values of at least $2 million each, according to city of San Antonio records. …Read Entire Post

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