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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Taurus Investment Holdings sells Iconic Pyramid Building

Boston-based Taurus Investment Holdings, a global private equity real estate firm, recently sold one of San Antonio’s most-recognizable office buildings.  The Pyramid Building, located at 601 NW Loop 410, was acquired by an affiliate of Cleveland-based Boyd Watterson Asset Management tied to its Chicago office.

The price for the 220,820-square-foot property was undisclosed but the 6-acre property was last assessed at $37.4 million, according to the Bexar County Appraisal District. …Read Entire Post

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Missouri Firm Plans Massive Warehouse in NW San Antonio

The longtime owner of an abandoned quarry in Northwest San Antonio is moving forward with plans to build a massive warehouse at 14700 Tradesman Drive.

The proposed distribution center project is expected to span between 500,000 and 780,000 square feet on a 92.5-acre site.  The site was originally part of a 160-acre rezoning in 2008, with the northern half of that property now already developed with commercial properties. …Read Entire Post

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Loop 1604 Expansion – Update

The third of five segments of the Texas Department of Transportation’s Loop 1604 expansion in San Antonio got underway recently.  This phase of construction is part of TxDOT’s overall Loop 1604 North Expansion project aimed at improving 23 miles of Loop 1604 from Texas 16 (Bandera Road) to Interstate 35. The latest construction includes $244 million of improvements from Interstate 10 to U.S. 281 to help reduce congestion and increase safety and mobility. The work involved in this latest segment will include expanding the main lanes to a 10-lane expressway, adding a high-occupancy vehicle lane in each direction, upgrading the Blanco Road intersection with a new diverging diamond design, improving the auxiliary lanes and ramps, and building accommodations for bicyclists and pedestrians. …Read Entire Post
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Remote Work Expected to Hurt Downtown Spending – But May Help Suburbs

The new analysis of the impact of long-term remote work after the pandemic and its potential impact on cities indicates that more remote work means fewer commuters – and that means less revenue for cities and potential challenges for the commercial real estate sector. …Read Entire Post

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Local market update from Broadway Bank

The headwinds caused by COVID-19 and the related shutdowns of various segments of the national economy has impacted the local real estate market, including skyrocketing lumber prices and other related construction costs, manufacturing delays, a slowdown in municipal approvals, changing consumer habits, record homebuilding starts and closings as well as shifting construction priorities by developers.

Supply challenges continue to escalate; however, builders are adapting by placing orders early in advance and being flexible with substitution products.  Not as easy to adapt to is the rising cost of lumber.  For example, the spot market for random length lumber ($/1,000 board feet) increased from $354 in June 2020 to $975 in February 2021. …Read Entire Post

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CRE’s Pricing Disconnect

There is a disconnect in the public and private markets and across sectors.  Some small disconnect isn’t anything new but there’s been a significant repricing on public assets since COVID while valuations on the private side didn’t moved as much, especially earlier in 2020.  That said, the positive vaccine news increased valuations by the end last year which has closed some of the gap between the private market and the public market.

But the divergence in pricing across sectors remains. Retail properties, for example, have been hardest hit.  Retail sees the immediate link between the revenue a tenant makes in a store and the rent it pays for that store space.  Meanwhile, Industrial properties have continued to be very strong and even accelerated in some markets.

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CPS Energy sells 146 Navarro for $22M

CPS Energy recently sold its Navarro Building to Los Angeles-based BH Properties for $22.3 million.  The building and garage, located at 146 Navarro St., is situated across the street from its former headquarters at 145 Navarro.

Built as a seven-story parking garage for HemisFair ’68, CPS Energy has been the building’s sole occupant since the event, adding three stories of office space above the garage in 1987.

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Area’s biggest projects still on tract despite uncertainty

Despite the uncertainty in the air, some of San Antonio’s largest and most anticipated commercial developments are still set to finish this year.

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$2T Stimulus Bill is a Win for Commercial Real Estate

According to NAIOP analysis, the $2-trillion economic stimulus bill recently passed by House and Senate leaders in response to the COVID-19 pandemic, has multiple positive implications for commercial real estate.

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