CBRE Acquires San Antonio Firm
- Nov 12, 2019
CBRE has acquired REATA Real Estate, a San Antonio-based firm that focuses on retail, office, medical office and land. With a team of 45 people, REATA covers Central and South Texas. Following the acquisition, the firm’s staff will become part of CBRE’s team of approximately 400 employees who cover the San Antonio market.
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Founded in 2001, REATA currently represents San Antonio spaces including The Vistana’s 1,770 square feet for retail or restaurant space at 100 N. Santa Rosa St., the 29,100 square feet available in the Roadrunner Plaza at UTSA Boulevard and UTEX Boulevard, and the 1.3-acre site at 9823 and 9907 San Pedro Ave. that used to be a Mission Mitsubishi.
“We like how REATA’s team meshes with our existing San Antonio team,” Gardner Peavy, managing director in CBRE’s San Antonio office, told Commercial Property Executive. “The services REATA provides complement ours and expand our business in South and Central Texas.”
Michael Jersin, REATA’s CEO & partner, said the firm has had a strong relationship with CBRE’s San Antonio office for a long time and joining the company will better allow REATA to serve its clients in more markets and with more services. Earlier this year, CBRE also welcomed a new executive vice president, Jim Batjer.
Strength of San Antonio
REATA and CBRE can expect more coming deals, as business remains healthy in San Antonio. The metro’s office market has been seeing a steady rise in rates, according to a third quarter CBRE office report.
According to the study, asking rates throughout the San Antonio market rose 37 cents, hitting $23.08 per square foot in the third quarter, a 13 percent increase over a five-year period. Vacancy dropped from 14.4 percent in the second quarter to 14 percent flat in the third, as the city is embracing its urban revitalization. Moreover, nearly 1 million square feet of office space was under construction as of the third quarter, the report added.
While the office market is hot, San Antonio’s retail sector has cooled down somewhat, according to CBRE’s third quarter retail report. Occupancy rates bumped down to 94.3 percent, while net absorption remained positive, but dropped to 74,588 square feet. However, the study noted that the local economy is still doing well, as its growing labor force saw a 4.8 percent increase from May to August, with the construction, health-care, and leisure and hospitality sectors seeing strong growth.