HFF Arranges Sale of 137 KSF San Antonio Retail Center
- Apr 11, 2019
Nooner Holdings has acquired the 136,553-square-foot Gateway Plaza in the Live Oak suburb of San Antonio from Tryperion Partners. According to Bexar County records, the buyer financed the acquisition with a $10.8 million loan from Standard Insurance Co., which is set to mature in 2044.
HFF Managing Director John Taylor, Director Drew Fuller as well as Analysts Josh Villarreal and Kyle Shaffer brokered the sale on behalf of the seller. Additionally, HFF worked with Tryperion Partners in 2014, when the company purchased the retail property.
Situated at 7505, 7513 and 7529 N. Loop 1604 E., at the corner of Interstate 35 and Loop 1604, the Burlington-anchored asset is roughly 17 miles north of downtown San Antonio. The location grants access to 78,700 residents living within a three-mile radius of the center and earning an average household income of $82,243 per year. Developed in 2008 on a 13.7-acre site, the retail center was 98.3 percent leased at the time of the sale, with tenants including Goodwill, Laser Legend, Furniture Now, James Avery Craftsman and Great Clips.
“This represents a successful round-trip investment for our client, Tryperion Partners, and an opportunity for Nooner Holdings to create even more significant value on Gateway Plaza with their proactive local management and leasing presence,” said Taylor, in a prepared statement.
The transaction marks the second acquisition for Nooner Holdings this year, following the purchase of the 171,318-square-foot Military Crossing, a shopping center less than 30 miles of Gateway Plaza.
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