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

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Whataburger joint venture closes on Central SA office, retail property

Concord Plaza

Concord Plaza

The partnership between the San Antonio-based burger chain and Milam Real Estate Capital — a local investment management and development firm — closed last week on 100 and 200 Concord Plaza from CPS Energy’s pension affiliate, which has owned the property since 2001.

The former address is a 2.7-acre lot of vacant land, and the latter includes the 168,000-square-foot Concord Plaza office tower as well as the neighboring 80,000-square-foot retail center.

The office tower currently leases to some notable businesses in the local real estate market, including CBRE, The NRP Group, Birnbaum Property Company, among others. Milam said most of the current tenants still have some years left on their leases, and is already in discussions to lease part of the property that will become available prior to the ownership.

Whataburger Restaurants LP and its subsidiaries already own its headquarter facilities — the 5.7-acre lot immediately north of the Concord Plaza office building — as well as the 5.23-acre property at 610 W. Sunset Road and the 2.4-acre property at 400 Concord Plaza Drive.

Once the deal with CPS Energy’s affiliate is finalized, Whataburger will own 19.73 contiguous acres in the northern pocket of the Jones Maltsberger Road and U.S. Highway 281 intersection.

Click here to read the full article: Whataburger joint venture closes on Central SA office, retail property San Antonio Business Journal 10-26-2016

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