USAA Buys 262 KSF Office Building in San Antonio
- Sep 03, 2013
USAA Real Estate Co. has acquired One Riverwalk Place, an 18-story, multi-tenant office building located in the central business district of San Antonio from Winthrop Realty, an affiliate of Apollo Real Estate Advisors.
The price of the transaction was not disclosed.
“One Riverwalk Place is a superb Class A office building located in prime downtown San Antonio,” a spokesperson for USAA Real Estate Co. told Commercial Property Executive. “The acquisition represents a typical business transaction as our company is a buyer of quality office real estate assets that add value to its current office portfolio.”
One Riverwalk Place is located in an irreplaceable location on the historic San Antonio Riverwalk with excellent access to the rest of downtown as well as key transportation arteries.
Originally developed in 1981, the office building is located in the heart of downtown San Antonio, at the northeast corner of North Saint Mary’s and Convent streets and offers frontage on the San Antonio Riverwalk with easy access to Interstates 35 and 10.
“We like San Antonio not only because it’s our hometown but also for its demographics,” Ballenger said. “San Antonio is one of the nation’s fastest growing cities in terms of population and job growth.”
The 261,633-square-foot high-rise is currently leased to 35 tenants, including South Texas Money Management, which leased 14,500 square feet on the ground floor of the building earlier this summer.
The San Antonio-based USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. The new acquisition is part of an approximate $12 billion in assets currently under management.
“We’re pleased with this investment because we’re not just investing in any downtown—we’re investing in USAA’s home town,” USAA’s CEO Joe Robles said in a company statement. “This city continues to shine as one of the nation’s fastest growing cities in terms of population and job growth. We’re looking forward to contributing to the ongoing efforts to create a vibrant and living downtown.”
The transaction was brokered by Peloton Commercial Real Estate.