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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Remote Work Expected to Hurt Downtown Spending – But May Help Suburbs

The new analysis of the impact of long-term remote work after the pandemic and its potential impact on cities indicates that more remote work means fewer commuters – and that means less revenue for cities and potential challenges for the commercial real estate sector. …Read Entire Post

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Two more buildings underway at Cornerstone Industrial Park

Indiana-based Scannell Properties recently broke ground on two industrial warehouse buildings in the Cornerstone Industrial Park located near the intersection of Loop 410 and I-10 on the City’s east side.

Headquartered in Indianapolis, Scannell is building Cornerstone Logistics Crossing, a Class A speculative industrial park at 5367 and 5311 Dietrich Road totaling 423,260 square feet of warehouse space. …Read Entire Post

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Montecito Acquires Westover Hills Medical Office Building

5715 Rogers Road

Healthcare investment firm Montecito Medical recently acquired a newly built, 29,375-square-foot medical office building located at 5715 Rogers Road in the Westover Hills neighborhood in Far West San Antonio.  …Read Entire Post

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Bill Miller Bar-B-Q Gets OK for HQ Land Deal

Bill Miller Bar-B-Q is working to acquire 57 acres on the City’s West Side for $3.1 million with plans to move its headquarters and operations to the property.  The property is adjacent to distribution centers for Amazon.com Inc. and Glazer’s Beer & Beverage, and it is also near the San Antonio Food Bank. …Read Entire Post

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Big V Property Group Acquires The Rim Shopping Center

Charlotte-based retail owner-operator Big V Property Group recently acquired The RIM Shopping Center, a 1 million-square-foot retail and restaurant destination with over 100 tenants.

Big V acquired the property, which is part of a larger mixed-use development, in partnership with New York-based Kimco Realty and San Diego-based Equity Street Capital. Big V will also manage the property which is located at 17703 La Cantera Pkwy in Northwest San Antonio. …Read Entire Post

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Converse to get its first professional office park

Converse Town Center

The City of Converse Economic Development Corp. recently sold two parcels in the city’s center, which will be developed into Converse Town Center, a collection of four single-story office buildings totaling 29,000 square feet.
The project, which is a collaboration between five local partners, will be located at 301 Converse Center Street. …Read Entire Post

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Local market update from Broadway Bank

The headwinds caused by COVID-19 and the related shutdowns of various segments of the national economy has impacted the local real estate market, including skyrocketing lumber prices and other related construction costs, manufacturing delays, a slowdown in municipal approvals, changing consumer habits, record homebuilding starts and closings as well as shifting construction priorities by developers.

Supply challenges continue to escalate; however, builders are adapting by placing orders early in advance and being flexible with substitution products.  Not as easy to adapt to is the rising cost of lumber.  For example, the spot market for random length lumber ($/1,000 board feet) increased from $354 in June 2020 to $975 in February 2021. …Read Entire Post

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Developer breaks ground on Four Oaks Distribution Center in Schertz

Four Oaks Dist Ctr

Phelan-Bennett Development and equity partner, Rosewood Property Company, recently broke ground on the Four Oaks Distribution Center, a class-A 170,000-square-foot speculative industrial development on 9.5 acres in Schertz, just outside San Antonio. Construction is expected to last nine months with a tentative completion date in fourth quarter 2021. …Read Entire Post

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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.

…Read Entire Post

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