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New buyer, leasing team to revamp Olmos Creek Shopping Center

Olmos Creek Shopping Center

Olmos Creek Shopping Center

The retail market in North San Antonio is thriving, with construction, tenant demand and rents continuing to push through new highs.

Yet even on some of the busiest streets in the city, there are plenty of older shopping centers that have lost both their appeal and majority of their tenants. The 101,670-square-foot Olmos Creek Shopping Center, 14610 Huebner Rd — currently 45 percent occupied — is just one of them.

But with new owners, a new team of brokers and a revamped idea of which tenants to bring into the space, the neglected center at the intersection of Huebner Road and Northwest Military Drive will get some activity pumped through it.

Earlier this year, New York-based ALTO Real Estate Fund purchased the center with Dallas-based TCP Realty Services for $16 million. In the months following the acquisition, the partnership stuck with an out-of-town broker, but has since switched to local firm Rohde Ottmers Siegel to help the center get a bit more attention.

After losing H-E-B as its anchor tenant back in 2008, Olmos Creek has struggled to get back to the destination it once was. Planet Fitness has subleased one-third of the grocery store’s original 66,000-square-foot space, leaving room for a whole new anchor tenant.

“This is going to become a center that will be able to serve the people within a two- to three-mile area, and when people shop, they’ll have multiple reasons to go there,” Siegel said.

Along with Planet Fitness, current tenants include McDonald’s, Subway, Compass Bank and The UPS Store. Siegel said that with the 65,548-square-feet still available, he’s hoping to see more food tenants, but added that negotiations have started with a health spa and dance studio.

Click to read entire article: New buyer, leasing team to revamp Olmos Creek Shopping Center (09-23-15)



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