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

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Local investment activity continues with Dominion shopping center deal

Fairview Shopping Center

Fairview Shopping Center Image courtesy of Google

It may appear that San Antonio’s real estate investment activity lately has been fueled by outsiders, but a recent Northwest San Antonio shopping center sale proves that local investment is just as strong.

The Fairview Shopping Center, a 28,662 property at 24200 Interstate 10 West, has been sold to a local investor. The buyer, a limited liability company, was represented by Chad Knibbe from San Antonio’s Marcus & Millichap office. The specifics weren’t disclosed, but someone from Fulcrum Development helped set up the LLC. Fulcrum was the developer behind the shopping center, which opened at the start of the recession in March 2008.

Fronting the Dominion Master Planned Community, the center is smack in the middle of an impressive development boom. With successful projects such as the Rim and the Shops at La Cantera to its south, as well as median incomes hitting $180,000 within a one-mile radius, Fairview has been a success of its own with a 95 percent occupancy rate. The only vacant space it has to fill is a 1,543-square-foot unit.

Fairview was undoubtedly an attractive buy. It had proven interest, is in the epicenter of San Antonio’s population boom and its list of tenants tied the whole deal up with a pretty bow. The Northwest submarket could soon outpace the Medical Center neighborhood in terms of investment activity, but local investors have also taken an interest in the more pioneering areas.

Click to read entire article: Local investment activity continues with Dominion shopping center deal (San Antonio Business Journal, 06-18-15)

 

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