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Kim_Gatley
Kim Gatley
S
enior Vice President & Director of Research at REOC San Antonio

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Blackstone seals deal on Lincoln Heights shopping center

Lincoln_Heights

Lincoln Heights retail center.

Blackstone has boosted its San Antonio portfolio by more than 220,000 square feet with the addition of The Shops at Lincoln Heights which is anchored by H-E-B, the deal was worth $1.8 billion for 2.08 million square feet of space.

At more than $74 million, the sale price of the Lincoln Heights shopping center at 999 E Basse Road equated to $334 per square foot, one of the lowest among all 19 properties. The Lakeshore Plaza retail center in San Francisco commanded the highest at $1,413 per square foot.

The Shops at Lincoln Heights — built in 1987 — includes a range of tenants such as Panera Bread, Torchy’s Tacos, Stone Werks Big Rock Grille, Stein Mart and Zoe’s Kitchen. H-E-B is the property’s anchor. At the time of the sale, it was 99 percent occupied.

Following the deal to snap up The Shops at Lincoln Heights, Blackstone owns 51 properties throughout San Antonio, which Real Capital Analytics reports is estimated to be worth nearly $725 million.

Click here to read the full article: Institutional powerhouse seals deal to acquire Lincoln Heights shopping center for $74.3M San Antonio Business Journal 1-18-2017

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