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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Good news for shopping center owners looking for refinancing: Lenders are returning

Retail real estate borrowers with loans maturing, even some who had refinancing committed, saw lenders’ doors slam shut last year. “You didn’t know what tenants were going to survive, flourish or have to move out, and you didn’t know which ones were going to be able to pay rent or need some assistance,” said NorthMarq Dallas managing director and senior vice president of debt and equity Ron Reese. Now lenders are returning to the market.

Financing for all but best-in-class, grocery-anchored centers and credit tenant, net lease properties froze for a good three to four months last year. “The retail deals we were transacting on we couldn’t close because we couldn’t deliver estoppels that said tenants were paying rent, and tenants didn’t know what their future looked like,” said Reese. However, the market began to thaw late in the third quarter, and more lenders are continuing to trickle back.

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Fourteen retailers expanding in 2021

Not all retailers are downsizing their physical assets in the wake of the pandemic. So far this year, retailers in the U.S. have announced 3,199 store openings and 2,548 closures.

In 2019, retailers announced 4,548 openings, up from 3,747 in 2018. The good news: To date in 2021, openings are already tracking to top each year prior.

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664K-SF South Park Mall opens its doors to new owners

South Park Mall

Mason Asset Management, Namdar Realty Group and CH Capital Group purchased the 663,978 SF South Park Mall off Military Dr. in south San Antonio.
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H-E-B breaks ground on 1.6 million-square-foot facility

H-E-B broke ground on its largest single-build warehouse in company history. According to Carson Landsgard, H-E-B’s senior vice president of supply chain and logistics, the future warehouse’s capacity will begin at 200 shipping doors, and 180 trailers of product will be shipped every day.  About 600 to 700 people are projected to be employed at the warehouse, half of those positions will be …Read Entire Post

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Power Center opening in Far West Side

80-acre development will feature 550,000 square feet of retail, including a long strip center and 14 pad sites

The Shops at Dove Creek is opening in a few months as the next power center on San Antonio’s Far West Side. This area has seen continued demand for big-box retail.

 

Portions of the land have been sold to users like KB Homes, Casey Development, and Flix Brewhouse LLC. Plans include a 170-unit subdivision behind the retail part of the development and an apartment complex.

 

The remaining 80 acres will include 

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Bank of America leases 66,000 sf near the Pearl

Bank of America will move some of its San Antonio business to Broadway Street

Bank of America is leasing 66,000 square feet of office space at Broadway Street near the Pearl. Bank of America will be neighboring Credit Human’s fully leased 10-story office tower.

According to Vince Fertitta, Bank of America San Antonio market president, the move is a demonstration of growth strategy in San Antonio. “We continuously evaluate our real estate portfolio to ensure we are optimizing work space so our teams can have stronger collaboration and better serve the needs of our clients. We’re also thrilled to be moving to one of the newest buildings in this growth area of town that has so much to offer our clients and employees.”

Silver Ventures Chief Marketing Officer Elizabeth Fauerso said …Read Entire Post

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Same Drivers Move Austin, San Antonio Retail Markets at Different Pace

In the e-commerce era, retail components in mixed-use projects like The Domain in Austin are attracting shoppers, both in the state capital and in San Antonio.

A mere 80 miles separates Austin and San Antonio, the anchors of the growing Interstate 35 corridor. The two cities have some fundamental cultural differences but share certain economic drivers that have produced healthy retail real estate markets in both metros, albeit with varied results.

The most basic economic drivers common to both metro areas are population and employment growth. Like other Texas cities, the Austin and San Antonio metro areas continue to experience a steady stream of new residents and jobs.

Although San Antonio often takes a backseat to Austin in various rankings, the Alamo City topped this year’s …Read Entire Post

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Area near Pearl gets rezoned to allow high-density development

The splash pad at The Pearl

The splash pad at The Pearl

Development firm that formed to build the Pearl, Silver Ventures, asked the city to rezone 7.9 acres of its land to “infill development zone” which will allow a variety of commercial and residential uses like high-rise offices, apartment buildings, bars and hotels.

Areas to be rezoned include …Read Entire Post

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Cavender office project on Broadway Street breaks ground

Architects and design team include Lake Flato and BokaPowell

Architects and design team include Lake Flato and BokaPowell

Hixon Properties Inc.’s Cavender office project on Broadway Street has broken ground.

The six-story, 140,600-square-foot office project is at the corner of Broadway and Eighth streets on the lot of a former Cavender Cadillac dealership. Along with the new office space, the building will feature …Read Entire Post

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Mixed-use development proposed in Northeast Bexar County

The buildings would be constructed in a whitewashed, Southwestern architectural style similar to that seen at Randolph.

The buildings would be constructed in a Southwestern architectural style similar to that at Randolph.

County Commissioner Tommy Calvert is proposing a public-private partnership between the county and developers designed to bring more public services and retail options to the area around Joint Base San Antonio-Randolph.

The plan would entail the county selling parts of a 51-acre plot of land it owns just south of the base, at the crossing of Rocket Lane and Loop 1604 in Converse, to developers who would build a mixed-use construction project known as Santé 51.

Preliminary plans show the project could include …Read Entire Post

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