Network Tech Center’s New Shared Ownership
- Sep 21, 2015
By Anca Gagiuc, Associate Editor
Network Tech Center, a three-building office park located in the University Business Park of San Antonio’s flourishing Northwest office market, has been sold for an undisclosed amount. Todd Mills of CBRE represented the seller in the transaction, while Lindsey Tucker and Carl Salvato, also with CBRE, will handle the leasing services.Los Angeles-based Tryperion Partners partnered up with Goodstone LLC for an extensive acquisition in San Antonio’s office market.
“The commitments from the existing tenants and strong continued demand from new entrants to the submarket present a unique blend of stability and upside potential,” said Tryperion partner Eliot Bencuya. “We are confident that, through proactive ownership and leasing, we can increase occupancy and benefit from the continued growth we are seeing in the San Antonio market.”
The 84,505-square foot office park is located at 12450 Network Blvd., along IH-10 near Loop 1604, close to restaurant and retail amenities, the city’s top employers, the South Texas Medical Center, and select residential areas.
“This is an ideal opportunity to venture with the Tryperion team,” added Stephen Durr, Goodstone’s president. “We see immense potential to enhance the value of Network Tech Center by capitalizing on the asset’s location and physical attributes, and the lack of available and high-quality office options in University Business Park. It is an ideal opportunity to use our collective capital markets and leasing experience to stabilize the property.”
Image courtesy of Yardi Matrix