Developer Purchases 174 Acres in Growing San Antonio Area
- Jun 26, 2008
Potranco Limited L.P. has purchased 174 acres about 20 miles west of San Antonio from the General Land Office of the state of Texas on behalf of the Permanent School for an undisclosed amount. Potranco Limited is a mix of several partnerships from Dallas to San Antonio. The firm has a large retail development underway adjacent to this property, Cody Persyn, a senior associate with CB Richard Ellis Inc., the broker for the deal, told CPN. The property, known as Redbird Ranch, is located 18 miles to the west of Downtown San Antonio with frontage on Potranco Road and the proposed extension of State Highway 211. Nearby developments include Texas Research Park, CitiCorp US Center, Sea World, Briggs Ranch, Golf Course of Texas and many new residential developments including West Oak Estates and Rustic Oaks. “When State Highway 211 is extended north, this will be on a key intersection. It is located at the northwest corner of that new intersection,” Persyn said. “The whole northwest area of San Antonio is getting developed so rapidly that basically this is where the next wave is hitting.” Potranco Limited owns property on the northeast corner of that intersection and is in partnership with another developer for a large retail development there, he added. This addition will help protect that investment, Persyn said. Specific plans for this land have not been announced. Donna Kolius, Pierce Owens, Persyn and Jeremy Richmond of CB Richard Ellis’ portfolio services group, along with Karen Woodard of Hudson and Marshall of Texas represented the GLO in the sale of the property. “The General Land Office buys and sells about $500 million worth of property per year while overseeing a real estate portion of $25 billion for the Permanent School Fund,” a General Land Office spokesperson told CPN upon a previous transaction. “Our staff identifies property that will likely appreciate, buys it and turns around and sells it for more money.” The Permanent School Fund was created in 1854 specifically for the benefit of Texas’ public schools. The Permanent School Fund is a multi-billion dollar investment fund that supports public education from a source other than taxes, thus easing the tax burden of the state’s citizens. The Texas constitution states that the money from the fund is to be distributed to the state’s school districts on the basis of average daily attendance per district.