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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New Entertainment Venue Coming to Wonderland of the Americas

AR’s Entertainment Hub recently announced plans to bring a new entertainment venue to the Wonderland of the Americas (formerly Crossroads Mall and originally Wonderland Mall). Plans call for a multimillion-dollar redevelopment of 58,000 square feet of vacant retail space on the upper floor.

 

Work is set to begin soon, and construction could be completed before the end of the year.

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CRE Lending Expected To See Greater Scrutiny

Commercial real estate lending volume appears to be slowing as the broader U.S. economy cools.  Earlier this month, the Federal Deposit Insurance Corp. (FDIC) signaled it would exercise greater scrutiny over banks that have significant exposure to commercial real estate loans.

The volume of commercial real estate loans held by banks recently peaked at more than $2.7 trillion, according to the FDIC.

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Building Materials Prices Continue to Climb

Inflation has taken a toll on consumers, and the overall cost of building materials continues to not just grow, but to do so at astonishing rates.

According to a recent report released by the National Association of Home Builders (Building Materials Prices Increase in July as Concrete Surges, 8.15.22) which summarizes its analysis of the latest government data in the form of the Producer Price Index (PPI), the price of building materials was up another 0.4%, not seasonally adjusted.

Prices have surged 35.7% since January 2020, with 80% of the increase occurring since January 2021.

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More Industrial Space Planned for San Antonio

Foster Commerce Center

Kansas City-based NorthPoint Development will build Foster Commerce Center, a 2.2 million-square-foot industrial park that will be located about 10 miles east of downtown San Antonio.

The six-building development will be constructed in phases, with the initial phase comprising two buildings totaling 650,000 square feet.

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San Diego firm acquires Eisenhauer Business Park

Eisenhauer Business Park

Westcore, a San Diego-based industrial real estate acquisition, development and asset management firm, recently acquired the Eisenhauer Business Park from NIT Industrial.  Located at 5473 Eisenhauer Rd. in northeast San Antonio, the four-building property, totaling 377,318 square feet, reportedly sold for $36.6 million. 

The acquisition increased Westcore’s San Antonio portfolio to more than 1.5 million square feet.

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CenterPoint Logistics Park Phase II underway

CenterPoint Logistics Park

Dallas-based Jackson-Shaw, a national real estate development company, is moving forward with Phase II of the CenterPoint Logistics Park, located at 4235 Milling Road, just inside Interstate 410, south of where it intersects with Interstate 35.

Phase II consists of two buildings totaling 416,707 square feet of Class A industrial development. Building 1 is 139,427 square feet and Building 2 is 277,280 square feet.  Building 1 is rear-load, and Building 2 is cross-dock.

The park enjoys great visibility with more than 2,200 feet of frontage at the Interstate 410 and Interstate 35 interchange.

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Methodist Plaza II gets underway at Northeast/Live Oak Campus

Methodist Plaza II

Methodist Healthcare recently broke ground on a second medical office building at its Live Oak campus.  The expansion of Methodist Hospital Northeast introduced Methodist Plaza II, a three-story building to span more than 73,000 square feet.
Methodist Plaza II will house a hospital-based outpatient surgery center featuring five operating rooms. 

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Boerne Town Center Coming Soon

Boerne Town Center

Abiso Real Estate Services LLC announced plans for Boerne Town Center – a new retail project to be located at the northeast corner of IH-10 W at Christus Parkway.

Plan calls for four small retail buildings, each spanning roughly 5,000 sf and offering a mix of retail and restaurant space for the likes of MOD Pizza, McAllister’s Deli and Chicken Salad Chick.

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Rising Interest Rates’ Effect on CRE

In June 2022, the Fed increased interest rates by 75 basis points – its largest move since 1994, noting that inflation is the highest it’s been since the early 1980s.  The target federal funds range 1.5% to 1.75%, and the Fed anticipates more increases.

By gradually raising rates, the Fed is trying to get a handle on inflation and slowly pull some of the excess liquidity out of the economy.

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VP Racing Fuels begins renovations of The Financial Center to create new HQ

VP Racing Fuels recently began renovations of the office building located at 10205 Oasis, commonly known as The Financial Center. 

The 30,000-sf building will not only serve as its new headquarters for its current staff of 45 employees, but it will also accommodate anticipated growth. 

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