Buchanan Street Partners Sells San Antonio Tower to Tenant for $39M
- Sep 18, 2008
After 15 years of leasing space in the Nowlin Tower, San Antonio-based Southwest Business Corp. opted to purchase the building for $38.5 million from Newport Beach-based Buchanan Street Partners. Located at 9311 San Pedro, the 13-story multi-tenant Class A office building has 236,400 square feet. Valued at $26 million by the Bexar County Central Appraisal District, Nowlin Tower and the adjoining five-level parking structure were constructed in 1986 on 3.3 acres. The is located near San Antonio International Airport. The building won San Antonio BOMA’s “Building of the Year” award in 2007. The property underwent extensive capital improvements including a roof replacement, parking garage upgrades, HVAC upgrades, floor by floor restroom remodel, and the addition of a main entrance canopy. The property was acquired by the MSB Real Property Fund, IV in December 2003. In April 2008, Buchanan was awarded the investment management contracts for the fund from a Bank of America affiliate, Maier Siebel Baber. This transaction marks the first divesture from the MSB Funds and the realized return exceeded expectations, a Buchanan Street Partners spokesman said. On Sept 11, CPN reported that Red Mountain Retail and Allied Retail Partners selected Buchanan Street Partners to structure all necessary capital for the $218.4 million development of El Portal Entertainment Center in South Gate, about 15 miles south of downtown Los Angeles. The nearly 500,000-square-foot regional multimedia-themed regional shopping center is being designed to target the area’s Hispanic retail market, which features more than 1 million residents within a five-mile radius of the project. Newport Beach-based Buchanan Street Partners is a real estate investment management firm providing equity and debt directly to real estate operators and developers throughout the United States.