Koontz Sells San Antonio-Area Office Asset
- Jun 04, 2020
Koontz Corp. has completed the sale of Parkview Plaza, a 58,574-square-foot office building in New Braunfels, Texas. Royal Oak Realty Trust acquired the single-tenant property, which is fully leased to PNC Bank. Parkview Plaza is expected to accommodate more than 500 workers at full capacity, with PNC using the entire facility as an operations and call center.
Located at 2049 Sundance Parkway on a 10.7-acre site, the low-rise building came online in 2018 and is the first phase of the Parkview Plaza office development. Once a golf course, the asset is within the Sundance Business Park, about a mile from Interstate 35 and just off FM 360. The business park includes walking trails, accent landscaping, wide boulevards and water features. Koontz owns the adjacent 4-acre tract, the last remaining undeveloped land in the park, and has already begun preleasing Phase II of Parkview Plaza, a planned 47,000-square-foot office property.
According to public records, Koontz developed Phase I of the project with the help of an $8.5 million construction loan from Broadway National Bank. Also in San Antonio, Broadway National Bank provided construction financing for another office development. Dubbed the Light Building, GrayStreet Partner’s $47 million transformation of the former San Antonio Light newspaper building at 420 Broadway St. offers mixed-use office and retail space.