Kennedy Wilson Announces Sale of Historic Aztec Theatre in San Antonio
- Feb 24, 2015
The vertically integrated global real estate investment and services firm Kennedy Wilson, headquartered in Beverly Hills, Calif., recently announced the sale of the historic mixed-use Aztec Theatre in San Antonio.
Suzanne Havekost, managing director of Kennedy Wilson’s San Antonio brokerage group, represented buyer Aztec Family Group L.L.C. and seller Aztec Project Development Ltd. The price of the transaction remains undisclosed.
“The revitalization of San Antonio’s Central Business District continues to see growth and activity as more and more people are moving into the downtown area for its vibrant retail and entertainment,” said Havekost. “This particular building is leading the charge. This wasn’t a typical building sale; it truly marks the next chapter in San Antonio’s future.”
The building, developed in 1926, is located at 201 E. Commerce St., in a key downtown area that takes full advantage of urban redevelopment. Over the years, it has undergone restoration and renovation work valued at more than $20 million, first in 1998 when Belgian Baron Theodore Bracht of Aztec Development Ltd. acquired the property and invested $20 million in restoration. In 2013, the current tenant and now owner of the property, Sam Pancheve of the Aztec Family Group, invested several million to double the seating capacity and upgrade the space to accommodate various live music entertainment acts.
The historic property houses the Iron Cactus Mexican Grill & Margarita Bar, but also has 30,000 square feet of available office space, which can easily convert for hotel or multifamily use. There is also another 15,000 square feet of retail space available.