Hartman JV Acquires San Antonio-area Retail Asset
- Jan 04, 2017
San Antonio—Village Pointe, a 54,246-square-foot shopping center located off US Highway 281 between Brook Hollow Boulevard and Thousand Oaks in San Antonio, has been purchased by a joint venture formed of two publicly registered non-traded REITs—Hartman Short Term Income Properties XX Inc. and Hartman vREIT XXI Inc.
John Taylor and Kelsey Roop with HFF represented the seller in the transaction, while David Wheeler, Russell Turman and Julian Kwok represented the buyer, Hartman Village Pointe LLC. The financial details of the deal remain undisclosed.
Village Pointe was built in 1982 and renovated in 2015 and is located within five miles of San Antonio International Airport via US Highway 281. The asset boasts 500 feet of highway frontage, a large monument sign and a daily vehicle count of approximately 168,000 along US Highway 281.
“With a great location, quality tenants, long-term leases, good access, an accretive yield and an attractive cost basis, the acquisition of this value-add retail property gives us a lot to be excited about,” David Wheeler, Hartman CIO, said in prepared remarks. Village Pointe was 93 percent leased at the time of the deal to local tenants. Its largest tenants are Bike World, with 7,037 square feet. and 5.11 Tactical, with 6,669 square feet.
“Our team acquired Village Pointe at a discount to replacement cost which provides our investors a strong stable yield. The addition of Village Pointe to our portfolio continues our firm’s long tradition of successfully acquiring value-add properties,” said Al Hartman, Hartman CEO.