NewsTalk Texas

San Antonio-New Braunfels

Embassy Suites trio selling for $62M; two in San Antonio 

(2/27/2015 7:44:00 AM)

SAN ANTONIO - Two hotels in San Antonio owned by FelCor Lodging Trust Inc. — and another in Orlando — will be sold for a total of $62 million, according to the company's fourth quarter financial reports.

Irving-based FelCor will sell the 261-room Embassy Suites-San Antonio Airport hotel and the 216-room Embassy Suites-San Antonio Northwest hotel. The transaction should close in March 2015.

Read more at the San Antonio Business Journal.

Wheatley Courts Eastside San Antonio with $27M Phase Two 


SAN ANTONIO - Eastside revitalization will take a step closer to fruition when phase two of the Wheatley Courts redevelopment breaks ground next month.

The $27 million project is a fraction of the Eastside Promise Zone, a community-wide push to spur economic, education, housing, employment and health care investment for the East Side.

The property was demolished September 2014 to make way for the new 417-unit, mixed-income community built with funds the San Antonio Housing Authority, or SAHA, received from the U.S. Department of Housing and Urban Development in December 2012.

By December 2017, Wheatley Courts will be transformed into the mixed-income community that will build off the neighboring Sutton Oaks property's 286 mixed-income units.

As part of its master-planned neighborhood, SAHA will also focus on crime prevention, increasing park space, and establishing a community garden and co-op.

Read more at the San Antonio Business Journal.

San Antonio Children's Hospital adds top-level trauma center 


SAN ANTONIO - Grocery giant H-E-B is giving $5 million to Children’s Hospital of San Antonio to help transform the downtown pediatric hospital’s emergency department into a sophisticated, top-level trauma center.

The Children’s Hospital of San Antonio unveiled the first phase of its new emergency room. The first phase will span 15,000 sf and feature 28 private patient rooms.

The department also will contain two trauma rooms capable of caring for up to eight children at a time — four patients in each room, hospital officials said.

The improvements are part of the ongoing renovations to transform Children’s Hospital, part of the Christus Santa Rosa Health System, into a top-tier, stand-alone pediatric hospital featuring a residency program.

The emergency room will grow even larger in the next year to 18 months, expanding to 30,000 sf and accommodating 48 beds in private rooms.

That will be more than four times larger than the previous emergency room, which was 7,000 sf.

Read more at the San Antonio Express-News.

A dozen Ross Dress for Less stores now in San Antonio 


SAN ANTONIO - Ross Dress for Less will open its 12th location in San Antonio on the Northeast Side.

The discount apparel and home furnishings store will officially open in March. It will be located in the Nacogdoches Village shopping center at the intersection of Nacogdoches and O’Connor.

Ross will hire about 50 full- and part-time employees to staff the nearly 25,000-sf location.

The Nacogdoches store will be Ross’s 171st in Texas. Ross currently operates 11 stores in San Antonio.

Read more at the San Antonio Express-News.

MPF: San Antonio multifamily trends 4Q 2014 


SAN ANTONIO - Like other major metros in Texas, San Antonio’s apartment sector showed strong growth coming out of the recession. However, unlike those other metros, San Antonio already appears to be reverting to a slow growth pattern that is more consistent with its own historical performances, according to MPF Research.

Structurally, the San Antonio metro is a more moderate-growth metro — heavy on government-related jobs, but not on large private employers.

Eight of San Antonio’s ten largest employers are concentrated in either the public sector or in health care, which helps during economic downturns but limits upside potential during prosperous times.

Still, San Antonio’s relatively strong performances coming out of the recession led to increased apartment development, especially in northern submarkets along the metro’s growth path.

Properties Sampled: 675 Units Sampled: 143,254 Submarkets: 14

What changed this quarter? In fourth quarter 2014, demand slipped into negative territory. Due to negative demand and new supply, occupancy tumbled to 92.7 percent. Meanwhile, same-store rental rates increased 0.5 percent in 4Q 2014.

4Q 2014 San Antonio Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$858 92.7% 29,100 jobs 4,048 units 5,169 units 6,303 units

For a submarket map and additional information, read more at MPF Research.

tags: San Antonio apartment NewsTalk, see Multifamily at San Antonio Market Data Sources

612-Unit Signature Ridge sells for $45M in San Antonio 


SAN ANTONIO - The San Antonio medical center area is the site of yet another residential complex acquisition, this time worth nearly $45 million.

The sale of Signature Ridge, a 612-unit multifamily community purchased by RailField Realty Partners and Artemis Real Estate, comes just a week after Presidium Group's deal to buy The Landmark, a 426-unit complex also near the South Texas Medical Center.

Both acquisitions point toward a hungry interest among developers and investors in the area, a trend professionals think will only increase throughout the year.

RailField will put in about $4 million for property renovations, including upgraded amenities, common areas and units.

The remodel could result in a 10 percent to 15 percent boost to current rent levels, which are now just shy of $1,000 a month for a standard one-bedroom.

Read more at the San Antonio Business Journal.

The List: San Antonio private sector major employers 2015 


SAN ANTONIO - The San Antonio Business Journal has released its 2014–2015 Book of Lists, which includes a ranking of the 25 largest private employers. Those employers with 2,000 or more employees are shown below. The data were originally published July 2014.

Largest San Antonio Private Sector Employers
Name Local
HEB Grocery Co. 20,000 Grocery Retail
USAA 17,000 Financial Services
Baptist Health System 6,498 Health Care
JPMorgan Chase Bank 5,000 Financial Services
SeaWorld San Antonio 3,000 Theme Park
Six Flags Fiesta Texas  3,000 Theme Park
Toyota Motor Manufacturing Texas Inc. 2,900 Automotive Manufacturing
Southwest Research Institute 2,700 Applied Engineering Research
Frost Bank 2,077 Financial Services

tag: SABJ 2014-2015 Private Sector Employers, San Antonio Market Research

Source: Book of Lists at the San Antonio Business Journal.

REOC: San Antonio 4Q 2014 retail overview 


SAN ANTONIO - The San Antonio retail market experienced a positive but rather quiet fourth quarter. San Antonio area retail properties experienced 52,317 sf of positive net absorption in 4Q 2014, which raised the year-end total to 566,917 sf.

Demand for retail space has steadily absorbed excess space across the city. Much of the vacancy that remains suffers from functional obsolescence of some sort.

The local retail market closed out the year with a citywide vacancy rate of 9.4 percent - which remained stable compared to the previous quarter and improved compared to the 10.3 percent recorded in the same quarter a year ago.

The citywide average quoted triple net rental rate stepped back $0.05 from 3Q 2014 to settle at $16.60 per sf per year, which is exactly where it stood at the end of 4Q 2013.

REOC San Antonio: 4Q 2014 Retail*
All Types Citywide CBD / South Non-CBD / North
4Q 2014 4Q 2013 4Q 2014 4Q 2013 4Q 2014 4Q 2013
Inventory 47,072,539 46,987,802 6,375,326 6,365,096 40,697,213 40,622,706
Direct vacant 4,416,619 4,819,790 640,825 744,291 3,775,794 4,075,499
Vacant 9.4% 10.3% 10.1% 11.7% 9.3% 10.0%
Average rent $16.60 $16.60 $15.66 $17.08 $16.68 $16.57
4Q absorption 52,317 164,904 -11,687 1,009 64,004 163,895
YTD absorption 566,917 391,862 49,143 26,174 517,774 365,688

*Statistics based on all multi-tenant industrial facilities 20,000 sf and larger excluding single-tenant, owner-occupied and government buildings.

For the full report see REOC San Antonio.

For more stats, see Retail under San Antonio Market Data Research.

REOC: San Antonio 4Q 2014 medical office market 

(2/20/2015 8:00:00 AM)

SAN ANTONIO - The medical office market closed the year with a citywide vacancy rate of 18.5 percent — stable compared to last quarter and up only slightly compared to 18.1 percent recorded in fourth quarter 2014, despite the addition of nearly 222,000 sf of new medical office space.

The cost of renting medical office space remained relatively stable as well — climbing only $0.10 compared to 4Q 2013 to close 4Q 2014 at $23.96 per sf per year on a full-service basis.

Looking ahead, development will continue to deliver new medical space to the San Antonio market in 2015. Houston-based Medistar recently broke ground on the 60,000-sf Victory Medical Office Building.

REOC San Antonio: 4Q 2014 Medical Office Building*
All Types Citywide CBD Non-CBD
4Q 2014 4Q 2013 4Q 2014 4Q 2013 4Q 2014 4Q 2013
Inventory 6,743,126 6,530,352 1,059,337 1,012,037 5,683,789 5,518,315
Available 1,245,016 1,180,789 154,815 82,060 1,090,201 1,098,729
Vacant 18.5% 18.1% 14.6% 8.1% 19.2% 19.9%
Average rent $23.96 $23.86 $20.66 $20.78 $24.57 $24.44
4Q absorption -4,533 39,409 -24,242 4,690 19,709 34,719
YTD absorption 149,715 245,206 -54,122 40,281 203,837 204,925

*Statistics based on all multi-tenant industrial facilities 20,000 sf and larger excluding single-tenant, owner-occupied and government buildings.

For the full report, see REOC San Antonio.

tag: San Antonio Market Research, San Antonio NewsTalk Texas

San Antonio part deux for $47M La Cantera apartments 

(2/20/2015 7:20:00 AM)

SAN ANTONIO - Construction for the second phase of the Residences at La Cantera is slated to begin this May, bringing the development one step closer to its goal of becoming a resort-like destination.

The estimated $47 million, four-story, 300-unit multifamily residential building has a permit to break ground this May. The project should be completed in two years, according to USAA Real Estate Co.

The Residences at La Cantera will feature studio to three-bedroom Class A floorplans, ranging between 553 and 1,785 sf.

Amenities will include a clubhouse, cyber cafe, fitness center, yoga classroom, resort-style pool and Jacuzzi.

Read more at the San Antonio Business Journal.

San Antonio staffing: Alorica hiring 300 


SAN ANTONIO - Alorica is hiring 300 people to staff the company's new call center at the former Travelocity office.

Alorica is interviewing people to work in sales, operations, management and quality assurance.

Alorica is making a concerted effort to hire veterans and individuals within military families in San Antonio.

The office, located at 11603 Crosswinds Way, will open in March, but it is not expected to reach hiring capacity until the end of August 2016.

The company has 28 call centers in the United States, two in Central and South America, three in the Philippines, and two in the Dominican Republic.

Read more at the San Antonio Business Journal.

Flying high! San Antonio International sets 2014 benchmark 


SAN ANTONIO - San Antonio International Airport set new enplaned and total passenger records in 2014.

For the 12-month period ending December 31, 2014, nearly 8.4 million air passengers flew into and out of San Antonio International — 1.4 percent more than in the previous year.

Airport officials said domestic air traffic increased nearly 2 percent last year, with more than 7.9 million passengers traveling through San Antonio International.

The number of international passengers who moved through San Antonio International dropped 2.1 percent compared to 2013 to 464,765.

San Antonio International also saw an increase in air cargo passing through the airport in 2014. The facility handled more than 233 million pounds of such cargo last year — 0.7 percent more than in 2013.

Read more at the San Antonio Business Journal.

tag: Passengers and cargo stats year-end 2014, San Antonio Market Research see Infrastructure

SABOR: San Antonio home sales Jan. 2015 


SAN ANTONIO - San Antonio Board of Realtors (SABOR) has released January 2015 home sales data.

Some quick facts include:
•  The median price of existing single-family homes decreased to $165,000 down 2.9 percent versus December 2014.
•  Existing single-family home sales decreased 31.6 percent from December 2014 for a January 2015 total of 1,191 sold units.
•  Condos decreased in price to $96,500, down 10.6 percent versus December 2014.
•  Existing condo sales decreased 34.4 percent in January 2015 from December 2014 for a total of 40 sold units.

Select region cities are represented below along with statistics from the SABOR MLS area as a whole.

SABOR Jan. 2015 Regional Sales and Price Activity
MLS Wide Median Price
Jan. 2015
Price Chg.
vs. Jan
. 2014
Units Sold
Jan. 2015
Sales Chg.
vs. Jan
. 2014
$165,000 9.7% 1,191 -0.8%
SABOR (condo) $96,500 -10.6% 40 8.1%
Region Cities*  
San Antonio $157,700 9.5% 808 -1.7%
New Braunfels $238,000 38.4% 47 -13.0%
Schertz $170,000 1.5% 31 47.6%
Converse $130,000 14.0% 31 -20.5%
Boerne $351,158 43.3% 26 13.0%
Cibolo $189,950 7.6% 24 0.0%
Canyon Lake $283,750 81.3% 16 0.0%
Helotes $240,000 -2.0% 16 -38.5%

*Region Cities' data include single-family only and represents nine select cities sorted by number of units sold.

Source: San Antonio Board of Realtors (SABOR)

tag: housing data, housing news

$22M sale: San Antonio iHeart office/data center 


SAN ANTONIO - W.P. Carey acquired the three-story, fully-leased office and data center facility at 20880 Stone Oak Pkwy. for $22 million, or about $183 per sf.

The 120,000-sf property was constructed in 2002 as a build-to-suit for seller iHeartCommunications, which signed a new 20-year lease for its primary IT and finance shared service operations.

Read more from CoStar Group.

San Antonio home sales continue climbing 


SAN ANTONIO - Home sales continued their year-over-year climb with 1,428 sales in January — a 4.8 percent increase from January 2014 — according to data compiled by the San Antonio Board of Realtors.

Experts continue to point to low interest rates and job growth to explain the continual increase in sales. However, a tight inventory of existing homes plays a part, too.

The housing inventory rose slightly to 3.6 months — still well below a balanced market.

Because there are not a lot of existing homes on the market, the median price increased from $161,900 in January 2014 to $176,700 in January 2015 — a 9.1 percent bump. As a result, of the 1,428 homes sold in January, 96.8 percent of sales were sold at list price, meaning there was not much room for negotiation.

The average days on market also decreased by three days to 74 days in January, as compared to January 2014.

Additionally in January, 59.2 percent of all sales were homes priced less than $200,000, 37.3 percent homes priced between $200,000 and $500,000 and 3.4 percent priced at $1 million or more.

San Antonio Home Sales Recap
  January 2013 January 2014 January 2015
# Homes Y-O-Y
# Homes Y-O-Y
# Homes Y-O-Y
Total Month Sales 1,255 24% 1,363 7% 1,428 5%
Average Price $184,403 4% $194,312 6% $212,222 9%
Median Price $151,100 3% $161,900 7% $176,700 9%

Read more at the San Antonio Express-News.

Visit the San Antonio Board of Realtors (SABOR) Media Newsroom for more data.

Energy sector helping to drive job growth in San Antonio 


SAN ANTONIO - San Antonio is expected to add 3,800 to 4,000 jobs in 2015 — a sizable portion of those jobs from the energy sector, according to the San Antonio Economic Development Foundation.

Bexar County saw 4,762 new jobs added during 2014, an increase of 762 jobs above growth expectations set at the beginning of last year.

A growing number of new jobs are in the clean energy sector, such as solar and wind power, Economic Development Foundation officials report.

Read more at the San Antonio Business Journal.

Witte begins 65,000-SF phase of museum expansion in S.A. 


SAN ANTONIO - The Witte Museum has broken ground on the next phase of a $100 million transformation of the nearly 90-year-old Broadway campus.

The first phase of the project, which cost roughly $20 million, included the transformation of the former Pioneer Hall into the Robert J. and Helen C. Kleberg Foundation South Texas Heritage Center, and nearby office space into the Witte Research Center.

The second phase of the renovation and expansion campaign will cost roughly $60 million and add 65,000 sf to the Witte Campus.

The project, which has been branded the New Witte, will include significant changes to the museum's main building, as well as the construction of the Mays Family Center, which will house special exhibitions and events.

A third phase of improvements is also planned. That $20 million project will include the development of a new Center for Rivers and Aquifers.

Read more at the San Antonio Business Journal.

Got data? See CBRE: San Antonio Office MarketView 4Q 2014 

(2/13/2015 10:00:00 AM)

SAN ANTONIO - Rents were up and vacancy rates were down in the San Antonio office market during fourth quarter 2014.

According to CBRE' Q4 2014 MarketView, net absorption in this sector closed at its highest levels since 2007 — with activity being driven by lowering unemployment figures and higher citywide asking rates.

Average office rents are trending upward again after a series of declines throughout the past couple of years. While current asking rates haven't yet reached the levels hit at the start of 2012, new development and increasing demand will help fuel higher office rents.

The report, which includes spaces classified as general office buildings, stated that recent absorption rates have come full circle over the last 12 months — from a high of about 19 percent back in 4Q 2013, to 15.9 percent at the end of 2014.

More than 960,000 sf of office space was added to the market in 4Q 2014, and that figure is expected to climb even further throughout 2015. Most of the development was concentrated in the far North Central, Northwest and far West areas of the city.

San Antonio Office Market Statistics
Market Rentable
Avg. Asking
CBD 5,100,035 22.8% 24,977 19.67
North Central 8,086,835 12.5% 72,110 21.87
Far North Central 2,458,355 8.8% -1,768 22.91
Northeast 1,924,652 14.8% -4,886 19.88
Northwest 8,581,667 17.8% 105,502 19.61
Far West 384,110 8.2% 0 -
South 473,871 14.2% 5,408 15.50
Totals 27,009,525 15.9% 201,343 20.34

Source: CBRE Research 4Q 2014

Read more at the San Antonio Business Journal.

tag: San Antonio Office MarketView Q4 2014 CBRE

Got real data? Better take a look here.

Comfort: Sinks (not China) rise to the top in 150,000 SF 


COMFORT, KENDALL COUNTY - AJW Architectural Products selected Comfort, located 45 miles northwest of San Antonio, for a new manufacturing facility.

“It will be great to see an American company relocating to the U.S., creating U.S. jobs and stamping ‘Made in the USA’ on the product,” said Dan Rogers, president of Boerne Kendall County Economic Development Corp.

AJW Architectural manufactures a complete line of washroom accessories, washroom partitions, metal lockers and visual display products.

The company will build a manufacturing/office/warehouse with 150,000 sf and 120 employees.

AJW will drop a manufacturing contract in China once its new plant in this Kendall County community is up and running.

Read more at Realty News Report and the San Antonio Express-News.

CoStar: San Antonio retail vacancy stays at 5.3 percent 


SAN ANTONIO - The San Antonio retail market did not experience much change in market conditions in fourth quarter 2014.

The vacancy rate was unchanged from 3Q 2014 at 5.3 percent. Net absorption was positive 129,471 sf, and vacant sublease space decreased by 11,872 sf.

The largest lease signings occurring in 2014 included:

•  Cavender Cadillac signed a 50,000-sf lease at 7895 N Loop 1604.
•  Hobby Lobby signed a 58,000-sf lease at 17903 La Cantera Pkwy.
•  LA Fitness signed a 45,000-sf lease at 17138 Bulverde Rd.

Read more from CoStar Group.

Bigger and better for Seguin H-E-B 


SEGUIN - H-E-B’s motto is “Here, everything’s better."

Soon that will be the case locally, as H-E-B Seguin Unit Director Danny Crowson announced that the Texas-based grocer is expanding.

The current store is 58,000 sf, and the new store is planned to be 100,000 sf.

The new building will be constructed on the same property, but customers will be able to continue shopping at the current store.

Crowson said the company’s H-E-B real estate department visited with retailers located in the shops surrounding the store. These shops will be relocating to the new retail center that will be built in June or July.

The new storefront will fashion a pair of entrances with a “Texas Front Yard” in between them, a new market-style barbecue restaurant and a drive-through pharmacy. The store will also feature Cooking Connection, a live demonstration with a variety of recipes.

Parking availability will increase from 325 to 584 spaces, and approximately 50 new jobs will be added.

Construction will begin in two weeks and is expected to be completed by October. The store will face SH 123 and be situated between the King Ranger Theatre and First Commercial Bank.

Crowson said it would take an additional eight weeks to demolish the original store and finish the parking lot.

Outside of the store, Hastings and JCPenney will remain, as well as McDonald’s, King Ranger and First Commercial Bank.

The store’s gas station will see changes but not until after the main project is completed.

Estimated cost of construction is $8.2 million.

Read more at the Seguin Gazette-Enterprise.

San Antonio sale: 426-unit The Landmark at Medical 


SAN ANTONIO - The Landmark at Medical, a 426-unit apartment complex near the South Texas Medical Center in Northwest San Antonio, has been purchased by Presidium Group.

Located at 7135-7207 Snowden Rd., The Landmark delivered in 1984 at the intersection of I-10 and Loop 410 within walking distance of major area employer South Texas Medical Center — a ten-hospital campus that includes The University of Texas Health Science Center and almost 80 clinics.

The community consists of one- and two-bedroom apartments and features on-site amenities such as a fitness center, laundry facility, leasing center, three swimming pools and a picnic area.

The firm will rebrand the community as The Branch at Medical Center.

Sources: CoStar Group, San Antonio Business Journal


San Antonio: Kalikow closes on Luckey Ranch area sale 


SAN ANTONIO - The Kalikow Group, on behalf of KEP Luckey Ranch Global Associates, has announced the closing of the sale of a 239-acre residential land parcel to LGI Homes at the master-planned 2,400-home, 610-acre Luckey Ranch project.

The total Luckey Ranch site consists of 539 acres zoned for residential development parcels as well as 71 acres zoned for commercial use. The community is approximately 20 minutes north of downtown San Antonio.

In the last three years, LGIH has acquired all of the available residential development acreage. In 2011, LGI Homes acquired a 93-acre residential land parcel within the Luckey Ranch master development. In 2013, LGIH acquired a second, 208-acre site.

The property is located at Loop 1604 North and Hwy. 90, about 20 minutes north of downtown San Antonio.

Read more at GlobeSt.

San Antonio's 25,000-SF Flip'z trampoline space to Pica Pica 


SAN ANTONIO - South San Antonio residents can jump for joy because a new indoor trampoline park called Flip'z has opened its doors in Pica Pica Plaza.

The trampoline park covers 25,000 sf at 910 SE Military Dr. It includes activities for adults, teens and children. Adults can use the park to exercise, as Zumba classes will be held there.

Teens can play dodgeball on two courts or use the trampolines to dunk basketballs. There is also a large trampoline area for younger children.

Flip'z will employ 25 people, who will rent the space out for birthday parties and special event functions.

Read more at the San Antonio Business Journal.

Stonelake to build 500,000 SF in NE San Antonio 


SAN ANTONIO - Stonelake Capital Partners plans to develop 500,000 sf of Class A industrial space in the 3300 block of IH-35 North.

Stonelake will build each new building to be 95,000 to 150,000 sf. The buildings will be completed by fall, and the company is working on leasing the space before it is built out.

The company acquired the land to build after it bought the neighboring Pan Am Distribution Center, which includes five industrial buildings and 682,000 sf of space.

The demand for industrial space has increased over the past year. Last week, the Business Journal reported that rent for San Antonio's industrial space is at near-record levels that have not been seen since 2008.

Read more at the San Antonio Business Journal.

Walmart's fifth Neighborhood Market opens in Northwest S.A. 


SAN ANTONIO - Walmart has opened its fifth neighborhood market in northwest San Antonio at 9006 Guilbeau Rd.

The store is 42,000 sf and includes a pharmacy, beauty and health departments, as well as regular grocery items.

The neighborhood market employs 95 full-time and part-time employees.

Read more at the San Antonio Business Journal.

San Antonio-New Braunfels revved up from job gains 


SAN ANTONIO - San Antonio and Bexar County gained 4,750 new jobs in 2014 — roughly 750 more than were initially projected for the area.

Local leaders said more than 1,500 of those new jobs were secured with the help of the City of San Antonio's business retention & expansion program, which focuses on employers in key industry clusters.

More than two dozen companies chose to move to or expand in the San Antonio area in 2014.

About 60 percent of the new jobs the San Antonio region gained in 2014 were from the business services sector, which includes shared-services operations, manufacturing and distribution.

San Antonio Economic Development Foundation officials are projecting another 4,000 new jobs for the region in 2015.

In New Braunfels, there is similar optimism. That community, part of the San Antonio metropolitan statistical area, gained more than 1,900 new jobs in 2014.

Three companies — IBEX Global, CBE Cos. and Nexus Medical Consulting — were responsible for roughly 1,000 of the new jobs.

Read more at the San Antonio Business Journal.

San Antonio Shavano Commons $16M office park finishing up 

(1/30/2015 10:00:00 AM)

SAN ANTONIO - The 14-acre Shavano Commons Business Park, in the North Central area, is now close to being finished.

Shavano Commons, located within Loop 1604 between Lockhill Selma Rd. and NW Military Hwy., includes 20 luxury stand-alone office buildings that range from 2,200 sf to 10,000 sf.

In all, there are 18 buildings have been constructed and occupied. All of the businesses have bought their buildings, except for one office that is leased.

The last two buildings are under construction and on the market, rounding out the $16 million project.

In the meantime, Image Homes will pivot to its second office park project called Huebner Gardens at 14603 Huebner Rd.

The company bought 19 lots from the project's developer two years ago and have already sold three and leased one. Four additional buildings are under construction on the property. The office buildings range from 1,500 sf to 7,000 sf.

Read more at the San Antonio Business Journal.

Sold: 258,000-SF, 306-unit Legacy Heights in San Antonio 

(1/30/2015 7:41:00 AM)

SAN ANTONIO - Cottonwood Residential of Salt Lake City has purchased Legacy Heights, a 258,200-sf, 306-unit Class A multifamily community in northeast San Antonio, adjacent to affluent Alamo Heights and near Fort Sam Houston.

Located at 1320 Austin Hwy., the property sits on 22.47 acres and consists of one-, two- and three-bedroom units with nine floor plans.

Both the Class A and Class B/C multifamily sectors in San Antonio are likely to benefit from substantial job growth among professionals, and among blue-collar and leisure/hospitality workers, respectively, this year, according to a 2015 market forecast by Marcus & Millichap.

Average vacancies and rents are expected to remain relatively stable, however, with a 4 percent (6,750-unit) increase in apartment inventory roughly balancing employment growth.

Read more at Commercial Property Executive.

Click here for Marcus & Millichap's 2015 market forecast.

Rivera apartments to fill Broadway gap in San Antonio 


SAN ANTONIO - Construction continues on the Rivera apartment complex at 1130 Broadway St., adding 302 rental units to a growing housing base in San Antonio’s urban core along the Broadway corridor.

Named for the Mexican artist Diego Rivera, the four-story apartment complex will have a clean, Cubist style and offer high-end efficiencies, one- and two-bedroom units.

Austin-based developer Argyle Residential will start preleasing units in November and the project is expected to be complete in March 2016, according to Managing Director John Burnham.

Burnham estimates the 420-sf efficiencies may go for around $900 per month, while the 810-sf one-bedrooms may go for around $1,600 per month.

Read more at the Rivard Report.

San Antonio industrial space tight; rents push up 


SAN ANTONIO - If you have not noticed that San Antonio's industrial real estate sector is on the upswing, you are not alone.

Local real estate observers know San Antonio has a strong housing market, a healthy office building occupancy rate and a high retail lease rate.

Likewise, the average San Antonio resident can see that homes are selling better and few office and storefronts are vacant.

Yet fewer people have occasion to see indicators that the industrial space in San Antonio is also doing well.

Nevertheless, one could say industrial space in San Antonio is doing better than the residential, office and retail real estate markets.

Consider that San Antonio's vacancy rate for industrial space is 7.7 percent — better than the overall office vacancy rate at 15.9 percent, according to CBRE San Antonio.

The industrial space vacancy rate is lower than the retail vacancy rate of 8.6 percent, according to the latest survey by The Weitzman Group and Cencor Realty Services.

Second, consider that rent for San Antonio's industrial space is at near-record levels that have not been seen since 2008. In late 2014, the average rent rate was $7.23 per sf. Rental rates had not gone above $7 in San Antonio since 2010.

The highest rent for industrial space is in northwest San Antonio at $9.66 per sf. At the end of 2014, more than 650,000 sf of industrial space was under construction.

Read more at the San Antonio Business Journal.

Weitzman: San Antonio retail occupancy up 1.6 percent 

(1/28/2015 8:30:00 AM)

SAN ANTONIO - Much like the local housing market, San Antonio's retail market continues to outperform itself.

The 2014 year-end occupancy rate for San Antonio stands at 93 percent, up from the 2013 year-end occupancy rate at 91.4 percent, according to a review conducted by The Weitzman Group and Cencor Realty Services.

The two real estate groups looked at 41.7 million sf of multitenant shopping centers and retail space in San Antonio.

Last year, San Antonio added 1.4 million sf of floor space to the market, compared to 704,000 sf in 2013.

Most of that space was built by large companies, such as Walmart. The retail giant added five store locations, four Neighborhood Markets and two Sam's Club wholesale stores.

More development is predicted to occur in active retail centers, such as The Rim off I-10, and a number of strip mall centers off Culebra Rd. and Loop 1604 near Alamo Ranch.

Read more at the San Antonio Business Journal.

tags: 2015 Weitzman Retail, REOC San Antonio Retail, IRR Retail Annual Viewpoint 2015 (PDF)

Casa Mechanical inks 44,000-SF lease in Cibolo 


CIBOLO - Casa Mechanical, a local HVAC and plumbing contractor, has secured a lease for the 44,000-sf warehouse building at 120 Industrial Dr.

Formerly leased to aircraft supply company Fiber Art, the single-story facility was delivered in 1988 in the Schneider Industrial Park in Guadalupe County.

Read more from CoStar Group.

San Antonio Kahlig drives to North Park Lexus at Dominion 


SAN ANTONIO - Kahlig Auto Group has opened its newest dealership — North Park at Dominion.

The 72,000-sf dealership, at I-10 and Dominion Dr., is a companion dealership with North Park Lexus of San Antonio. That dealership is at Lockhill Selma Rd. and San Pedro Ave.

Lexus recently appointed North Park as the automaker’s dealer in the McAllen-Harlingen area. A dealership is set to open there next year.

Read more at the San Antonio Express-News.

Contractors ready to absorb laid-off energy workers 

(1/27/2015 9:00:00 AM)

SAN ANTONIO - The San Antonio chapter of the Associated General Contractors of America would like to issue an urgent message to any energy workers in the area who might be laid off because of falling oil prices.

The message: We want you back.

Let us go back about five years ago. The country still was bogged down in a depressed housing construction market. The construction industry, moreover, also was suffering from a dip in all kinds of contracts because financing was difficult in the weak economy.

Meanwhile, the fracturing drilling technology was reviving oil production, especially in South Texas’ Eagle Ford Shale area. Construction workers found good-paying jobs by switching to oil-and-gas companies.

The table has turned.

The energy industry, beset by a dramatic drop in oil prices, is stomping on the brakes. Layoffs affecting thousands by Texas-based energy companies are announced seemingly every day, hitting some workers in the Eagle Ford.

Meanwhile, the construction industry is booming. The economy is healthy and growing.

Housing inventories are low. Numerous public school bond packages mean schools must be built.

Texas construction companies are hurting for workers, partially because of high volumes of retirements and a low number of new workers to replace them. 

“Not a day goes by when we don’t have a conversation about this,” said Doug McMurry, executive vice president of the San Antonio AGC chapter. “We would welcome these folks. We think there are good opportunities.”

Read more at the San Antonio Express-News.

Bexar and surrounding area reach ‘full employment’ 


SAN ANTONIO - Bexar County reached full employment in December, based on the standards used by most economists. The unemployment rate for the area fell to 3.8 percent, Workforce Solutions Alamo reported.

That was slightly higher than the 3.7 percent average for the 12-county area covered by Workforce Solutions Alamo, which includes Atascosa, Bandera, Comal, Frio, Gillespie, Guadalupe, Karnes, Kendall, Kerr, Medina and Wilson counties.

Gillespie County had the lowest unemployment rate in December among the counties at 2.5 percent.

Bexar and Medina counties had the highest rates at 3.8 percent, which is still considered full employment.

The Texas unadjusted unemployment rate was 4.1 percent in December, down from 4.6 percent in November. The nation's unadjusted unemployment rate was 5.4 percent in December, down from 5.5 percent in November.

Read more at the San Antonio Business Journal.

For more employment data, see the Texas Workforce Commission.

Dave & Busters, H&M projects to San Antonio Rivercenter Mall 


SAN ANTONIO - Projects to bring a Dave & Busters and an H&M clothing store into downtown San Antonio have taken a step forward.

Building permit filings show that two projects will finally proceed.

Entertainment venue Dave & Buster's first announced it planned to move into the old Joske's Department Store in Rivercenter Mall in January 2013. The project will be approximately 33,000 sf.

After more than two years, a building permit filing shows that the $2.79 million renovation project could be completed by August.

Another filing shows that clothing giant H&M will open its second San Antonio store inside Rivercenter Mall. The $1.75 million, 30,000-sf clothing store is also expected to be open by August.

Read more at the San Antonio Business Journal.

New Air Force center to employ 350 more personnel at JBSA 


SAN ANTONIO - The new Air Force Installation and Mission Support Center that will be coming to San Antonio this year will bring an estimated 350 new jobs to the area.

About half of the new jobs will be civilian and half will be military personnel stationed at Joint Base San Antonio (JBSA) — which oversees operations at Fort Sam Houston, Camp Bullis, Lackland, and Randolph Air Force bases.

The move is part of an effort to consolidate multiple operations to one location to make them more efficient.

The new center will be occupying an existing building at Joint Base San Antonio.

Read more at the San Antonio Business Journal.

USAA plants its flag in downtown San Antonio 


SAN ANTONIO - After the flight of AT&T headquarters to Dallas in 2008, downtown San Antonio commercial real estate remained stagnant. That makes it even more significant that insurance and financial giant USAA makes a strategic move into the urban core.

In 2013, USAA Real Estate Company acquired One Riverwalk Place, 700 N. St. Mary’s St. — located on the River Walk just a few blocks from the Tobin Center for the Performing Arts.

Most of the building remains occupied by existing tenants, but room was made for the first wave of USAA employees to set up shop early in 2015.

Employees assigned to downtown come from an array of departments, including Enterprise Affairs, the General Counsel’s office, Member Experience, Information Technology and the Chief Administration Office.

Ultimately, about 150 employees will be working downtown by the end of March. In the near-term, USAA will occupy three floors of the 18-story building downtown.

The remaining floors are leased to law firms, investment companies, and other tenants. The 261,633-sf building is currently 100 percent leased and occupied.

Read more at the Rivard Report.

tag: San Antonio news, 4Q 2014 office CBRE

Topgolf swings dogleg left from downtown San Antonio 

(1/23/2015 1:00:00 PM)

SAN ANTONIO - Topgolf is set to open its first location in San Antonio on January 30 near the intersection of I-10 and Loop 1604.

The three-level, 65,000-sf facility includes dozens of hitting bays that come equipped with TV screens, seating — heated in cold weather — and a view of the lighted range.

The San Antonio facility also includes a restaurant and bar on the second floor, event space for parties and corporate events, and a rooftop bar overlooking Fiesta Texas.

The Dallas-based company has 15 locations in the U.S. and soon will open its 16th on the Alamo City's far Northwest Side.

Read more at the San Antonio Business Journal.

ALN San Antonio apartment report Dec. 2014 

(1/23/2015 7:30:00 AM)

SAN ANTONIO - ALN Apartment Data has released December 2014 apartment occupancy and effective rent data for apartments.

San Antonio Market Stabilized Market*
Occupancy rate 92.3 1.4%
Units added 3,745  
Units absorbed (annual) 2,473  
Average size (SF) 835 0.1%
Asking rent $849 3.0%
Asking rent per SF $1.02 3.0%
Effective rent $834 3.6%
Effective rent per SF $1.00 3.6%
Offering concessions 36% -16.8%
Avg. concession package 4.8% -3.3%

*Stabilized market is everything in a market except for apartments in initial lease-up.

Floor Plan Breakdown - San Antonio
Market Avg.
Eff. 3.5% 465 $587 $575
1 BR 46.1% 673 $738 $725
1 DEN 1.8% 876 $866 $858
2 BR 38.7% 991 $950 $934
2 DEN 0.9% 1,183 $1,114 $1,099
3 BR 7.6% 1,253 $1,160 $1,145
>3 BR 1.4% 1,539 $1,741 $1,728

Read more at ALN Market News.

San Antonio's housing market posts strong 2014 

(1/22/2015 7:10:00 AM)

SAN ANTONIO - Home sales rose 16 percent during December, compared with the same month in 2013, as local homebuyers balanced house hunting and gift shopping during the holiday season.

The San Antonio Board of Realtors' December multiple listing report showed that 2,083 homes were sold in San Antonio last month, up from 1,800 homes in December 2013.

The number of homes sold in December 2014 was also higher than in November, when agents sold 1,694 homes.

The average time a home spent on the market remained low at 70 days. Housing inventory also dropped from 3.9 months in November to 3.5 months in December.

A few key figures from 2014 include:

•  total 2014 sales from January to December: 24,735 homes

•  average price of a home sold in 2014: $218,762

Read more at the San Antonio Business Journal.

tag: housing data, housing news

San Antonio: Corporate relocations add thousands of new jobs 


SAN ANTONIO - San Antonio and Bexar County gained 4,750 new jobs in 2014 as a result of 28 companies relocating to or expanding in the region.

The new job count exceeded original projections for the year by some 750 positions, according to the San Antonio Economic Development Foundation.

Roughly 60 percent of the new jobs the San Antonio region gained were from the business services sector, which includes shared-services operations, manufacturing and distribution.

That figure can be attributed in part to IBEX Global, an international provider of customer contact services, which announced in November it was adding more than 1,000 positions in San Antonio.

San Antonio economic development officials are projecting 4,000 new jobs for the region in 2015.

Read more at the San Antonio Business Journal.

tag: San Antonio employment, employment data

New Braunfels gained nearly 2,000 jobs last year 


NEW BRAUNFELS - New Braunfels is continuing to experience record growth. The Hill Country community gained 1,946 new jobs in 2014.

Three companies — IBEX Global, CBE Companies and Nexus Medical Consulting — were responsible for roughly 1,000 of the new jobs, according to Michael Meek, president of the Greater New Braunfels Chamber of Commerce.

New Braunfels is part of the San Antonio metropolitan statistical area.

As such, it has benefited from some of the same economic advantages that have caused companies to relocate to or expand in the Alamo City — access to a growing population and aggressive incentive offers, as well as lower taxes.

Source: San Antonio Business Journal

tag: San Antonio area data

Aztec Theatre sells in San Antonio 


SAN ANTONIO - Aztec Project Development Ltd. recently sold the building at 201 E. Commerce St. in San Antonio's River Walk.

The 112,278-sf property is home to the 500-seat Aztec Theatre — a multipurpose entertainment and events facility originally constructed in 1926 and listed on the National Register of Historic Places.

Restored in 1999, Aztec Theatre also houses several retail and office spaces. According to CoStar data, the property was 74 percent occupied at the time of sale.

CoStar Group

tag: San Antonio data

280-Unit Artessa at Quarry Village in San Antonio acquired 


SAN ANTONIO - Capital One Multifamily Finance has provided a $63.3 million fixed-rate Freddie Mac loan for the acquisition of Artessa at Quarry Village, a 280-unit luxury apartment community,

Intercontinental Real Estate purchased the property and granted Capital One the rights to represent Freddie Mac.

Completed in 2009, Artessa is located in Alamo Heights, located six miles from downtown San Antonio. Artessa offers one-, two-, and three-bedroom units, and was 95 percent occupied as of October 2014.

The property features ground floor retail space, which includes 27 retail suites.

Read more at Texas Real Estate Business.

San Antonio: Gold's Gym weighs in at Alamo Quarry Market 


SAN ANTONIO - Gold’s Gym recently opened its new location at the Alamo Quarry Market.

The 26,000-sf gym, located at 255 E. Basse Rd., includes cardio and strength-training equipment, free group exercise classes, a cycle studio, personal training programs, locker rooms with dry saunas and more.

Read more at the San Antonio Express-News.

Map: Where people are renting in San Antonio 

(1/16/2015 11:58:00 AM)

SAN ANTONIO - City leaders are pushing forward with urban development and the "Decade of Downtown."

Part of that push is additional housing in the downtown area and getting people to move back to the city center.

To help all of that, San Antonio is one of the most affordable housing markets in the country, according to a real estate analytics group, and the rental market is holding a similar trend coming out of 2014.

The median rent in San Antonio is currently at $830 for a two-bedroom apartment, according to the December figures from Apartment List's Rental Price Monitor; that is nearly half of San Diego, California, where median rent is $1,700.

More good news for the local leasing market is that rent growth is continuing stay low at 1.3 percent, well under the national average of 2.8 percent.

Click through a slideshow to see how rent looks across San Antonio, including data on the percent of renter and median gross rent in each ZIP code.

Using data from the U.S. Census Bureau's most recent American Community Survey, we mapped the percent of renters in each Bexar County ZIP code and color coded them accordingly.

Red: areas with over 75% renters
Orange: areas with 50%-75%
Yellow: areas with 25%-50% renters
Green: areas with under 25% renters

Read more at the San Antonio Express-News.

Sold: 282-unit Broadstone Colonnade in San Antonio 

(1/16/2015 9:15:00 AM)

SAN ANTONIO - An anonymous buyer has purchased the 282-unit, Class A multifamily project in northwest San Antonio known as Broadstone Colonnade.

Broadstone Colonnade, at 4330 Spectrum One, is made up of 282 one-, two- and three-bedroom units featuring eight floor plans.

Floor plans range from 568 to 1,311 sf and from $822 to $1,517.

In the last two years, significant capital improvements have been completed to the exterior, including new roofs, exterior paint, gutters and window screens.

Read more at Realty News Report.

H-E-B debuts first two-story market in Texas 

(1/15/2015 6:30:00 AM)

SAN ANTONIO - After tearing down its oldest operating store and building a new store in its place, H-E-B's Nogalitos location will reopen this week as the company's first two-story grocery store in Texas.

The size of the old store was 26,000 sf and the new store's footprint is 62,000 sf.

The new H-E-B store at 1601 Nogalitos St. will carry five times more craft beer than previously offered, 300 different wine labels, expanded produce and deli sections and a “travelator.”

As H-E-B’s first multilevel market in Texas, the Nogalitos store connects parking on the ground floor with shopping on the second via a slightly inclined escalator that uses a magnetic strip to lock specialized shopping carts in place.

The two-story market replaces H-E-B’s oldest operating store, which the locally based grocery chain closed and demolished last year. Construction crews retained part of the iconic facade and used it to surround a small courtyard in front of the new store.

H-E-B already operates several multilevel locations in northern Mexico and chose the format for the Nogalitos store because of the dense residential area surrounding it.

Approximately 80 additional employees were hired to staff the store.

Read more at the San Antonio Express-News.

Fortune 500 company to build $40M facility in Selma 


SELMA, BEXAR COUNTY - A national auto parts company is planning to build a $40 million distribution center, bringing 250 jobs, according to city officials.

City Administrator Ken Roberts told the Selma City Council that the company’s plans call for a 388,000-sf distribution center on a 25-acre site in the Titan Industrial Park at Lookout Rd., near the Amazon Fulfillment Center.

Officials are expected to break ground on the project in February.

The 303-acre site Titan Industrial Park is located in both Selma and Schertz, at Lookout Road and Schertz Parkway, west of Interstate 35. The new distribution center will be constructed near the 1.26 million-sf Amazon Fulfillment Center, which opened in 2013 in Schertz.

Citing a nondisclosure agreement, Roberts declined to identify the company and would only say that it is a Fortune 500 company. The city administrator said he would reveal the company’s name at the Selma City Council meeting in February.

Read more at the San Antonio Express-News.

San Antonio's 2015 job growth projected to exceed state’s 


SAN ANTONIO - Despite the economy being thrust into uncertainty due to the ongoing plunge in oil prices, the San Antonio area’s job growth prospects for this year still look relatively good.

Keith Phillips, Fed senior economist and research officer, projected 3 percent job growth, or 28,000 net new jobs, for this year.

That is less than the 38,000 net new jobs, or 4.2 percent, San Antonio is projected to record for 2014 when the December report comes out later this month.

The reason San Antonio will not be hit as hard by a projected slowdown in energy drilling is that the city never received a significant boost in employment between 2010 and 2014 because of the Eagle Ford Shale activities, Phillips said.

San Antonio’s mining sector growth never exceeded state job growth in general for the 2010 to 2014 period, he explained.

Even now, it only accounts for about 4 percent of the area workforce. Logistics, such as truck and pipeline shipments, also is not a large employment sector in the San Antonio area.

Read more at the San Antonio Express-News.

tag: San Antonio employment data

Metrostudy: San Antonio home starts to stay the same in 2015 

(1/14/2015 1:00:00 PM)

SAN ANTONIO - Housing starts in 2015 are likely to remain constant with 2014 — around 9,300 — a leading industry analyst told about 400 builders and contractors at the Greater San Antonio Builders Association’s housing forecast.

If San Antonio records more than 9,000 starts, it would be the second year above that mark since the nearly 13,000 starts in 2007, before the economic collapse.

According to Jack Inselmann, regional director of Metrostudy, the number would be even higher if there were more affordable housing starts — new homes priced at $150,000 and less. However, builders say the rising cost of building homes is making lower-end homes an unprofitable proposition.

In 2014, the $150,000 price range was the smallest sector of homes being built, with less than 500 being built.

Read more at the San Antonio Express-News.

SABOR: San Antonio home sales Dec. 2014 

(1/14/2015 7:15:00 AM)

SAN ANTONIO - San Antonio Board of Realtors (SABOR) has released December 2014 home sales data.

Some quick facts include:
•  The median price of existing single-family homes increased to $170,000 up 0.5 percent versus November 2014.
•  Existing single-family home sales increased 19.5 percent from November 2014 for a December 2014 total of 1,683 sold units.
•  Condos increased in price to $109,500, up 12 percent versus November 2014.
•  Existing condo sales increased 40 percent in December 2014 from November 2014 for a total of 56 sold units.

Select region cities are represented below along with statistics from the SABOR MLS area as a whole.

SABOR Dec. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Dec. 2014
Price Chg.
Dec. 2013
Units Sold
Dec. 2014
Sales Chg.
Dec. 2013
$170,000 6.3% 1,683 12.6%
SABOR (condo) $109,500 25.1% 56 36.6%
Region Cities*  
San Antonio $160,000 6.7% 1,164 11.7%
New Braunfels $229,000 16.8% 57 -6.6%
Schertz $177,000 6.7% 52 100.0%
Boerne $342,450 -4.6% 42 13.5%
Cibolo $175,750 -2.1% 34 21.4%
Converse $141,500 24.1% 34 17.2%
Helotes $247,500 8.1% 29 -6.5%
Canyon Lake $141,500 0.7% 19 11.8%
Seguin $150,000 44.0% 19 -5.0%

*Region Cities' data include single-family only and represents nine select cities sorted by number of units sold. Posted January 10, 2015

Source: San Antonio Board of Realtors (SABOR)

tag: housing data, housing news

San Antonio Hendricks-Berkadia 2014 apartment review 


SAN ANTONIO - Multifamily builders continued adding to apartment stock in 2014, though completions decreased 22.4 percent in the last 12 months.

Substantial growth in the job market spurred apartment demand as absorption surged 41.1 percent in 2014 with 4,360 additional units occupied. A significant number of renters gravitated to the outskirts of the metro area, as nearly one-third of metrowide leasing activity was in the Bexar County/Other submarket.

Following a lull in multifamily planning activity in 2013, developers requested permits for 1,920 apartments in 2014, compared to 300 units the prior year. From 2009 to 2013, issuance averaged 1,620 permits.

Metrowide vacancy dipped 10 basis points in the last 12 months, reaching 6.7 percent by year-end.

The rate fell in 12 of the 15 submarkets in the metro area. Demand for new product was significant, evidenced by falling vacancy in the Bexar County/Other submarket where the rate fell 90 basis points amid a large increase in inventory.

The significant number of completions helped lift average rent 3.2 percent to $886 per month in 2014. Rent appreciation averaged 1.3 percent in the prior five-year period.

See the full report from Hendricks-Berkadia.

tags: apartment, apartment data

San Antonio: Walmart opens fourth Neighborhood Market store 


SAN ANTONIO - Walmart's fourth Neighborhood Market store in San Antonio has opened off Nacogdoches Rd. just north of Loop 410.

The 38,000-sf store at 3175 Nacogdoches Rd. includes fresh produce, a meats section, pharmacy and gas station.

The store recently hired 95 full and part-time employees.

Three other Neighborhood Market stores are located in San Antonio's far West Side, South Side and near Shavano Park.

Walmart's next Neighborhood Market opens later this month at 9006 Guilbeau Rd. on San Antonio's far West Side.

Read more at the San Antonio Business Journal.

San Antonio: $1M home sales heating up 


SAN ANTONIO - The sale of $1 million homes was up 26 percent in San Antonio in the first ten months of 2014 compared with the same period a year ago, according to a study released by the Texas Association of Realtors.

"Some of that is the offset of San Antonio feeling some of the effects of the Eagle Ford Shale — some of the riches — some of the people who made money down in the oil field,” said Jim Gaines, research economist at The Real Estate Center at Texas A&M University, which compiled the report’s data.

However, the 107 luxury homes sold from January through October 2014 was still a small slice — 0.4 percent — of the 24,400 total homes sold. In October, million-dollar homes accounted for 3.1 percent of active listings, or 264 out of 8,409.

Other major Texas cities saw slower luxury home growth the first ten months of 2014 compared with 2013, but total sales still outdid San Antonio’s 107.

In Houston, 1,194 homes were sold during the same period, a 13 percent boost. In the Dallas-Fort Worth market, 926 luxury homes were sold, a 15 percent increase. In Austin, 479 homes were sold, a 9 percent increase.

Nevertheless, high-end homes are still tough to sell. They spent an average of 450 days on the market, compared to 63 days for an average home.

Read more at the San Antonio Express-News.

Click here for the full Texas Luxury Home Sales Report.

Boston buyer takes 1800 Broadway in San Antonio 


SAN ANTONIO - The luxury apartment complex 1800 Broadway in midtown has been sold to Churchill Forge Properties, a Boston-based multifamily properties owner and management firm.

The 230-unit apartment complex, located at 1800 Broadway St., is centrally located in the lower Broadway corridor near Pearl.

Bexar Appraisal District appraised the property at $47.9 million in 2014.

Read more at the San Antonio Business Journal.

Veterans' home Freedom's Path takes a step to Kerrville 


KERRVILLE - Freedom's Path, a housing complex for disabled veterans that was first proposed for construction more than three years ago, has cleared its final regulatory hurdle and is slated to break ground next week.

Communities for Veterans of Florida finalized its private financing in late December for the $10.5 million project.

Under its financing agreement with Bank of America it must secure a certificate of occupancy by Dec. 31 for the initial 49-unit, three-story complex that will serve veterans who earn up to 60 percent of the area's median income.

If all goes well, a second complex of 49 units will be built beside the first one in the years to come.

Read more at the San Antonio Express-News.

SA: Trails of Westlakes apartments bought; rebranded 


SAN ANTONIO - The RADCO Companies, an Atlanta-based apartment investment and redevelopment group, recently bought the Trails of Westlakes apartment community in west San Antonio with the intention to rebrand the complex.

The 336-unit apartment complex is located between Loops 410 and 1604 along Cable Ranch Rd.

RADCO bought Trails of Westlakes and two Houston apartment communities from Fannie Mae for an undisclosed price. The two properties in Houston include the 122-unit Country Place and the 458-unit Saddle Ridge.

All three properties were built between 1975 and 1984. Because the buildings are older, RADCO plans to invest more than $12 million in interior and exterior renovations.

As part of their investment, RADCO rebranded all three communities. Trails of Westlakes is now City Trails, Country Place is City Terrace and Saddle Ridge was renamed City Crossing.

Read more at the San Antonio Business Journal.

tags: SA multifamily, SA data

Alamo Ranch among top-selling master-planned communities 


SAN ANTONIO - Alamo Ranch is the sixth top selling master-planned community in the United States, according to a report by John Burns Real Estate Consulting.

The far west side community sold 600 homes in 2013 and 585 homes in 2014. Because the community is still growing and kept its net sales high, Alamo Ranch moved up from tenth on the list last year.

Alamo Ranch is a large community of more than 3,000 acres located by Loop 1604, SH 151 and Culebra Rd. The developer of Alamo Ranch is locally based Galo Properties, which broke ground on the project in 2006.

Like most master-planned communities across the United States, Alamo Ranch saw a slight dip in home sales.

The top 20 communities in the country had a 12 percent drop in year-over-year net sales from 15,338 to 13,200.

See the full list at the San Antonio Business Journal.

tag: master-planned communities

DNA sells 300,000-SF Highpoint Towers in San Antonio 


SAN ANTONIO - Real estate investor DNA Partners has sold Highpoint Towers near the South Texas Medical Center.

Highpoint Towers consists of two 11-story office buildings totaling 300,000 sf. The two towers sit on 13 acres near I-10 and Wurzbach Rd. at 8401 and 8415 Datapoint Dr.

It has a 70 percent occupancy rate, and its largest tenant is Cooney Solutions Group. According to the Bexar Appraisal District, Highpoint Towers are worth about $20 million.

Read more at the San Antonio Business Journal.

Out-of-towners, oil boom drive San Antonio luxury housing 

(1/9/2015 7:45:00 AM)

SAN ANTONIO - San Antonio's luxury housing market continues to grow stronger as more people continue to move to Texas from other states and the oil boom produces better-paying jobs.

A luxury homes sales report from the Texas Association of Realtors shows the number of Alamo City luxury homes sold during the first nine months of 2014 increased by 26 percent, from 86 luxury homes in 2013 to 107 homes in 2014.

Luxury homes, defined as those worth more than $1 million, account for less than 1 percent of San Antonio's overall housing market.

Luxury homes spend on average about 450 days on market.

The San Antonio Board of Realtors reported the local housing market had 3.9 months worth of housing inventory in November, the lowest it's been since January 2014. On average, those homes are spending 63 days on the market.

Dr. Jim Gaines, an economist at the Real Estate Center at Texas A&M University, said the luxury housing market is being driven by the state's overall economic growth and people moving to Texas to get more bang for their buck when buying a home.

"We also saw a lot of people moving to Texas from places like California, where a modest two-bedroom condo can be valued upwards of $1 million," Gaines said.

"Those people sell their home in California, move to Texas and realize their money goes much further in our market. Thus, even if they don't have an income typical of a luxury homeowner, they have assets to purchase luxury homes and are stimulating that market."

Read more at the San Antonio Business Journal.

For the 2015 Texas Luxury Home Sales Report, see the Texas Association of Realtors.

tag: San Antonio news

San Antonio: 180,000-SF Energy Plaza I & II sold 

(1/9/2015 7:29:00 AM)

SAN ANTONIO - Hartman Energy, an affiliate of Houston-based Hartman Short Term Income Properties XX, has acquired the 1980s-era Energy Plaza I & II office buildings.

The buildings, which total 180,119 sf, are 95 percent occupied with the San Antonio Petroleum Club as an anchor tenant. The buildings were recently remodeled with new finishes in the two-story atrium style lobbies.

The seller was BRI 1841 Energy Plaza LLC, a subsidiary of Accesso Partners.

Read more at the Houston Chronicle.

$35M Embassy Suites planned for San Antonio Brooks City Base 


SAN ANTONIO - A new $35 million Embassy Suites Hotel will be developed at Brooks City Base. It will be located at South New Braunfels Ave. and S.E. Military Dr. The planned full-service hotel will be branded Embassy Suites-Brooks City Base by Hilton Hotels.

It will house approximately 155 suites, a restaurant and 8,000 sf of conference and event space at the former Brooks Air Force Base. The hotel will also house a fitness center and business center, as well as a full bar and a Grab & Go deli market.

Brooks City Base officials said the six-acre project will be the first such development in the market south of downtown San Antonio. The hotel is slated to open 2016.

"This will be the premier hotel and event facility south of downtown San Antonio and will truly serve the entire region," Brooks City Base President and CEO Leo Gomez said.

Construction on the project is expected to begin in April. The hotel will be located in an area that has experienced significant retail activity over the last several years.

Phoenix Hospitality Group has been working with Brooks City Base since 2013 to develop the project. Phoenix currently has four Hilton properties in the region and will serve as developer and management company for the Brooks City Base hotel.

Read more at the San Antonio Business Journal.

tag: San Antonio hotel, San Antonio Market Data Sources see hotel

San Antonio: 149-unit Castle Hills crowns new king 


SAN ANTONIO - Castle Hills Townhomes, a 149-unit, townhome-style apartment complex, has been sold. The one-, two- and three-bedroom units range from 732 sf to 1,224 sf. Monthly rates are $770 to $1,330 per month.

The complex is located at 1947 Larkspur Dr. near the South Texas Medical Center and the United Services Automobile Association’s headquarters.

The property was built in 1998 on eight acres. 

Oregon-based Hayden Properties purchased the community from Sendera Investment Group of Austin.

Read more at the San Antonio Business Journal.

tag: San Antonio news

Alamo City's 'Southtown' blue streak of lux apartments 

(1/6/2015 6:54:00 AM)

SAN ANTONIO - Earthwork is set to start in January 2015 for Southtown Flats, a residential development in the Southtown community south of downtown. Southtown Flats will be built in two five-story buildings surrounding a 4.5-level garage.

Transwestern Development Co. will partner with the real estate investment firm Amstar to develop the 229-unit apartment building at 111 Probandt St., just across the street from Blue Star Brewing Company.

Southtown Flats is in close proximity to the San Antonio River Hike and Bike Trail, Blue Star Contemporary Art Museum and King William District.

Southtown Flats' high-class amenities include a pool with cabanas and hammocks, outdoor kitchens, fire pits and a rooftop deck with downtown views. 

Southtown Flats follows similar projects in the area.

Right around the corner from the 2.3-acre project site is Cevallos Lofts, another luxury apartment complex opened in 2011. Rents there range from $1,200 to $2,800 monthly and the building is 96 percent occupied and 99 percent preleased.

"Southtown is an easy place to like because of its restaurants and activity and the scene is a lot of fun," said Amstar Managing Director Daniel Cohen.

Southtown Flats will be on the market by spring 2016.

Sources: San Antonio Business Journal and Realty News Report.

tag: San Antonio apartment, San Antonio multifamily data

120-Unit Oakland Hills sold in Floresville 

(12/22/2014 7:45:00 AM)

FLORESVILLE - Oakland Hills, a newly constructed 120-unit apartment complex, has been sold.

Oakland Hills was completed in 2014 on an 11-acre site at 386 Paloma Dr. at the intersection of Veterans Dr. and Paloma Dr.

The community offers one-, two- and three-bedroom units ranging in size from 768 sf to 1,316 sf and in price from $1,005 to $1,368.

Amenities at the complex include a gym, swimming pool, business lounge, gated entry, covered parking and a clubhouse.

Read more at Texas Real Estate Business.

Sold 43,000-SF industrial property in Schertz for $3 million 


SCHERTZ - Gretzinger Investment Group has purchased the 43,200-sf industrial property at 17357 Bell North Dr.

Gretzinger paid $3.38 million to buy the property, which has tenants including Helena Chemical Company, Visionary Products, National Merchant Services and Heritage-Crystal Clean.

Valcor Commercial Real Estate Co. is the property manager and will provide leasing services for the property.

Read more at the San Antonio Business Journal.

San Antonio multifamily market steady; units coming 

(12/19/2014 11:00:00 AM)

SAN ANTONIO - CBRE reports Texas' occupancy rate hit 91.7 percent third quarter 2014, slightly up from the same time last year. San Antonio's multifamily occupancy rate is slightly less, at 90.5 percent.

According to CBRE's research, the Stone Oak/Thousand Oaks/San Pedro community saw the most multifamily growth in 3Q with 416 units built. An additional 433 units are under construction in that neighborhood.

Compared to Austin, Dallas and Houston, San Antonio has the smallest number of multifamily units at about 159,400.

San Antonio touted the highest number of Class A units at 18 percent of its overall offerings. Dallas came in second with 16 percent of its multifamily units being categorized as Class A.

San Antonio had the highest share of Class B units at 36 percent of its 159,400 units. Dallas came in second once again.

The report also predicts that the hottest activity expected next year are on two opposite sides of San Antonio — downtown and the UTSA/La Cantera/Bandera Rd. areas. Those communities are expected to build more than 1,000 units combined over the next several months.

Read more at the San Antonio Business Journal.

Click here to see CBRE's Texas multifamily report from December 2014.

San Antonio: FMC Technologies' bringing 160 jobs, facility 


SAN ANTONIO - FMC Technologies, a Houston-based energy company, has begun construction on a 55,000-sf facility in south Bexar County that will house a regional research, testing and repair facility.

The new office will bring 160 new jobs to the area over the next three years.

The jobs and the new facilities represent a capital investment of more than $10 million. FMC's facility will be located at 3800 S. Loop 1604.

The company will serve oil-and-gas firms operating in the Eagle Ford Shale.

"We welcome FMC Technologies to Bexar County and the growing number of companies servicing the Eagle Ford Shale," said Bexar County Judge Nelson Wolff. "The research and high-tech jobs offered by this company will be the perfect complement to our local economy.”

Read more at the San Antonio Business Journal.

Cavender Cadillac rolls into 50,000-SF Live Oak dealership 


LIVE OAK - Cavender Cadillac has officially opened its new automotive dealership near the intersection of I-35 and Loop 1604.

The company built the 50,000-sf dealership on ten acres near The Forum at Olympia Pkwy.

The move to the busy Northeast San Antonio corridor was prompted by the need for more space and a more modern facility, according to Principal Billy Cavender.

The dealership can house 300 new and used cars and 80 loaner cars.

Read more at the San Antonio Business Journal.

Winter home sales warm up San Antonio; inventory cools 

(12/18/2014 8:46:00 AM)

SAN ANTONIO - According to the San Antonio Board of Realtors (SABOR), the local housing market had 3.9 months worth of housing inventory in stock in November, the lowest it's been since January.

A balanced market is usually around a six-month supply.

Lisa Sinn, a local real estate agent, said that due to the competition among buyers, homeowners selling their houses are getting multiple offers at closer asking prices.

"Usually winter is the slowest time of year but this fourth quarter has been busy," Sinn said. "Generally I tell people to hold out until February or March to sell their homes because that's when the buyers are out, but the buyers are out now."

SABOR reported 1,694 homes were sold in November, a slight increase when compared to the 1,642 homes sold in the same month last year.

The average price of a home sold in November was $225,674, compared to $215,628 in November 2013.

Angela Shields, president and CEO of SABOR, expects those numbers to continue climbing. "With our warm weather and healthy job market, we expect to keep seeing a strong housing market here," Shields said.

Read more at the San Antonio Business Journal.

tag: San Antonio housing

San Antonio: Hotel Emma rising as jewel of the Pearl 


SAN ANTONIO - Hotel Emma, the 146-room hotel set inside the historic Pearl brewery, will be one of the few hotels overlooking the northern part of the River Walk. It is set to open spring 2015.

In 2002, Silver Ventures acquired the 22-acre site that is the Pearl Brewing Co. The company built a separate tower to accompany the original building.

In all, the hotel will span 160,000 sf over seven floors. About 60 percent of the hotel is in the original building, and the other 40 percent is in the newly built tower.

The hotel has a 3,000-sf lobby that includes a restaurant, a market with prepared meals and a library where guests and locals can enjoy books. There is also 8,000 sf of meeting space and a 3,200-sf ballroom for events.

The hotel will be managed by Kimpton Hotels and Restaurants, who is set to be purchased by InterContinental Hotels Group for $430 million.

InterContinental will take over Kimpton's 62 hotels and 71 hotel-based destination restaurants, bars and lounges.

Over the past 12 years, the 22-acre Pearl Brewery site has been slowly revitalized into a planned community of sleek apartments, enviable eateries, industrial office spaces and historic venues.

Hotel Emma is one of the last pieces of the puzzle.

Read more at the San Antonio Business Journal.

For more information on InterContinental's purchase of Kimpton, see the San Antonio Business Journal.

Far Northwest San Antonio submarket ranks No. 7 in U.S. 

(12/16/2014 6:40:00 AM)

SAN ANTONIO - Far Northwest San Antonio has been named the seventh busiest submarket in the nation in this cycle by MPF Research.

Far Northwest San Antonio’s apartment inventory expansion rate since 2012 is 44.2 percent, including new apartment supply plus units under construction at the end of third quarter 2014.

Putting that percentage into numbers, Far Northwest San Antonio has received 2,741 new units since 2012, with another 1,473 units under construction.

San Antonio is quickly growing north, and Far Northwest San Antonio is in that growth path.

The submarket contains two important roadways: Loop 1604 and I-10, which intersect in the southern part of the submarket. That intersection is a hotbed for apartment development, as well as retail and office space.

Another big apartment demand driver in the Far Northwest San Antonio submarket is the University of Texas at San Antonio (UTSA). As of the fall semester 2014, there were 28,628 students enrolled at UTSA.

Far Northwest San Antonio is quickly becoming the retail and entertainment hub of San Antonio with attractions such as The Rim, Top Golf, Six Flags Fiesta Texas and The Shops at La Cantera.

Zip codes for Far Northwest San Antonio, according to MPF Research:

78006, 78013, 78015, 78023, 78063, 78074, 78249, 78255, 78256, 78257

Read more at Property Management Insider.

San Antonio: Huebner Medical Center I, II sells 


SAN ANTONIO - The 166,167-sf Huebner Medical Center I & II has been sold to Ohio-based Equity Inc. and and Grapevine, Tex. 2GR Equity.

Completed in 1991, the facility is located at 9150 Huebner Rd. in the South Texas Medical Center.

One of the tenants operating out of the facility is Methodist Ambulatory Surgical Hospital (MASH), the area's third largest private employer and one of eight Methodist/HCA Healthcare System hospitals in San Antonio.

MASH occupies 48,000 sf with 28 beds and nine operating rooms.

Source: CoStar

MPF: San Antonio apartment trends 3Q 2014 


SAN ANTONIO - Like other major metros in Texas, San Antonio’s apartment sector showed strong growth coming out of the recession, according to MPF Research.

But unlike those other metros, San Antonio already appears to be reverting to a slow growth pattern that is more consistent with its own historical performances.

Structurally, the San Antonio metro is a more moderate-growth metro — heavy on government-related jobs, but not on large private employers.

Eight of San Antonio’s ten largest employers are concentrated in either the public sector or in health care, which helps during economic downturns but limits upside potential during prosperous times.

Economic progress and population growth doesn’t translate into housing demand as quickly in San Antonio as they do in the other metros that have given Texas a fast-growth reputation.

Still, San Antonio’s relatively strong performances coming out of the recession led to increased apartment development.  

Properties sampled 675 Units sampled 141,737 Submarkets 14

What changed this quarter? In 3Q 2014, demand remained at healthy levels and outpaced new supply. As a result, occupancy jumped 0.4 points quarter-over-quarter, pushing the overall rate to 93.6 percent. Meanwhile, same-store rental rates increased 0.9 percent in the quarter.

3Q 2014 San Antonio Apartment Trends
Effective Rent Occupancy Annual Job Change Annual Permits Annual Demand Annual Completions
$838 93.6% 24,300 jobs 3,693 units 5,035 units 6,233 units

For a submarket map and additional information, read more at MPF Research.

tag: San Antonio data, apartment

San Antonio: 2014 retail sector's big year 

(12/15/2014 10:00:00 AM)

SAN ANTONIO - Dan Mitchell, executive vice president of The Weitzman Group in San Antonio, said 2014 was a big year for retail.

Mitchell said for six or seven years, nobody was building retail developments in San Antonio, such as shopping centers or free-standing stores, except large companies such as Walmart and H-E-B.

Now, a number of developers have shovels in the ground again.

Class A shopping centers are full and Class B centers have a healthy occupancy rate, which means Class C projects are receiving new-found attention.

In 2014, the I-10 corridor from UTSA Blvd. all the way north to Boerne Stage Rd. was a hotspot for new retail development.

Mitchell predicts the next big area slated for retail development is the far west side of San Antonio near Alamo Ranch.

Read more at the San Antonio Business Journal.

tag: San Antonio data, retail

SABOR: San Antonio home sales Nov. 2014 


SAN ANTONIO - San Antonio Board of Realtors (SABOR) has released November 2014 home sales data.

Some quick facts include:
•  The median price of existing single-family homes increased to $171,000, up 3.7 percent versus October 2014
•  Existing single-family home sales decreased 27 percent from October 2014 for a November 2014 total of 1,365 sold units.
•  Condos decreased in price to $96,250, down 1.3 percent versus October 2014.
•  Existing condo sales increased 37.7 percent in November 2014 from October 2014 for a total of 38 sold units.

Select region cities are represented below along with statistics from the SABOR MLS area as a whole.

The chart below is from December 10, 2014.

SABOR Nov. 2014 Regional Sales and Price Activity
MLS Wide Median Price
Nov. 2014
Price Chg.
Nov. 2013
Units Sold
Nov. 2014
Sales Chg.
vs. Nov
. 2013
$171,000 8.2% 1,365 -1.2%
SABOR (condo) $96,250 -12.5% 38 -19.1%
Region Cities*  
San Antonio $160,458 8.4% 950 -2.1%
New Braunfels $209,000 19.1% 61 13.0%
Boerne $348,750 8.3% 48 33.3%
Converse $140,900 17.4% 32 6.7%
Schertz $189,000 18.1% 29 20.8%
Cibolo $185,250 12.4% 26 30.0%
Helotes $335,000 38.4% 23 -23.3%
Spring Branch $299,900 15.3% 13 -38.1%

*Region Cities' data include single-family only and represents eight select cities sorted by number of units sold.

Source: San Antonio Board of Realtors (SABOR)

tag: housing data, housing news

San Diego firm buys Holiday Inn near SeaWorld 


SAN ANTONIO - Pacifica Companies, a San Diego-based investment firm, has acquired the 194-room Holiday Inn hotel on SH 151.

The hotel, which opened in 2009, is located near SeaWorld San Antonio on the Northwest Side.

The hotel was the first in Texas and with the Holiday Inn brand to be LEED (Leadership in Energy & Environmental Design) certified.

It is the preferred hotel of the 250-acre SeaWorld San Antonio, the world’s largest marine life theme park.

Read more at the San Antonio Business Journal.

Far North Central San Antonio submarket ranks No. 9 in U.S. 


SAN ANTONIO - Far North Central San Antonio has been named the ninth busiest submarket in the nation by MPF Research.

Far North Central San Antonio’s existing apartment base expansion rate since 2012 is 42.7 percent. That rate calculation includes new apartment supply (1,742 units) since 2012 and the construction volume (1,220 units) at the end of 3rd quarter 2014.

Many of the apartments that either recently completed or that were under construction at the end of 3rd quarter 2014 were near major thoroughfares such as Loop 1604 and Hwy. 281.

Another large chunk of new apartments are either in or near high-end communities, such as Sonterra and Stone Oak.

In addition, office construction in the metro is at its highest level since 2009, with over 900,000 sf of product underway.

Quick Facts
Population 127,701
Median age 37
Average monthly rent  $1,161
Median family income $99,231
Occupancy 3Q 2014 95.5%
Existing units 8,676
Annual rent growth 2.3%

The submarkets were identified based on inventory growth since 2012, including the total number of units completed since 1Q 2012 and the total number of units under construction at the end of 3Q 2014.

Zip codes for Far North Central San Antonio, according to MPF Research:

78004, 78027, 78070, 78163, 78258, 78259, 78260, 7826

Read more at Property Management Insider.

SA Spurs stay competitive with AT&T Center $102M redo 

(12/11/2014 7:26:00 AM)

SAN ANTONIO - Bexar County Commissioners have given Spurs Sports & Entertainment, the parent company of the defending NBA champions, the green light to begin work on up to $101.5 million in improvements and renovations to AT&T Center.

Commissioners say planned improvements to the county-owned arena will affect spectator areas on every level of the 12-year-old East San Antonio venue.

Planned changes include improvements to seating and entrances at the AT&T Center, and an expanded Fan Shop.

A number of technological changes are also planned, including the installation of a new high-definition center-hung scoreboard and wrap-around LED boards.

"As the owner, it is our responsibility not just to repair and maintain the AT&T Center, but to make sure it stays competitive," Bexar County Judge Nelson Wolff said.

Bexar County will contribute $85 million toward the cost of AT&T Center improvements, while the Spurs will cover the remaining $16.5 million in renovation-related expenses.

Work on the arena makeover is slated to begin this summer.

Read more at the San Antonio Business Journal.

Builders milling around doors in Schertz 


SCHERTZ, CONROE - Builders FirstSource, a supplier and manufacturer of structural and related building products for residential new construction in the U.S., has announced the planned opening of a new distribution facility in Conroe, as well as the relocation of its existing San Antonio facility.

The new San Antonio facility is located in Schertz, approximately 20 miles northeast of downtown.

This rail served site sits on 15 acres and has approximately 90,000 sf of warehouse and office space as well as multiple outside storage sheds.

Products initially distributed from this location will include dimensional lumber and lumber sheet goods but will eventually include interior and exterior doors, as well as millwork.

The Conroe facility is located on the I-45 corridor approximately 40 miles north of downtown Houston. It is an 11.5-acre site that includes 60,000 sf of warehouse, showroom and office space.

Product offerings will include dimensional lumber and lumber sheet goods, interior and exterior doors, millwork and other distributed building products.

"The relocation of our San Antonio location was necessary as the lease on our existing distribution facility, located on the northwest side of the market, was soon expiring. San Antonio is a very important market for us and the Schertz facility is an excellent one, located in the heart of this expanding market."

"We feel very fortunate to have secured these prime facilities within two of the best housing markets in the United States," said Floyd Sherman, Builders FirstSource CEO.

Read more at NASDAQ.

$63M San Juan complex completed in San Antonio 


SAN ANTONIO - San Antonio Housing Authority, Mayor Ivy Taylor and representatives with the NRP Group have commemorated the completion of the third and final phase of the Gardens at San Juan Square in West San Antonio.

The $63 million, 539-unit residential community represents the redevelopment of the former San Juan public housing development.

Located at 2003 S. Zarzamora, the Gardens at San Juan Square features 252 new units, a clubhouse, 4,200 sf of commercial space and 12 affordable live/work units that can be rented to people in the neighborhood.

Read more at the San Antonio Business Journal.

Texas A&M-San Antonio earns accreditation 


SAN ANTONIO - Texas A&M University-San Antonio has received accreditation — retroactive to Jan. 1, 2014 — from the Southern Association of Colleges and Schools Commission on Colleges to award baccalaureate and master's degrees.

The accreditation is separate from Texas A&M University-Kingsville.

Texas A&M-San Antonio became a stand-alone university on May 27, 2009, when Gov. Rick Perry signed a bill establishing it as a member of The Texas A&M University System.

Since then, the accrediting body has recognized A&M-San Antonio as an entity of its parent university in Kingsville. A&M-San Antonio will now seek approval, as needed, to add degree programs and courses, and develop into a full four-year university.

Read more at the San Antonio Business Journal.

San Antonio sale: 533,000-SF Bank of America Plaza 

(12/8/2014 10:00:00 AM)

SAN ANTONIO - A joint venture between Clarion Partners and Griffin Partners has purchased the Bank of America Plaza, a 28-story, 533,465-sf office building in downtown San Antonio, Clarion announced late last week.

The tower, at 300 Convent St., was designed by Skidmore, Owings & Merrill and completed in 1983. It’s currently 91 percent occupied by tenants in the finance, legal and government sectors.

Local office-using employment is expanding 2.5 percent this year, while the San Antonio inventory of office space will grow only 1.3 percent.

Read more at Commercial Property Executive.
Texas real estate news

Security Service plans 200 jobs with HQ move in San Antonio 


SAN ANTONIO - Security Service Federal Credit Union is looking to add 200 new jobs in San Antonio and retain another 747 full-time positions as part of a plan to develop a new headquarters facility in the Alamo City.

The City of San Antonio and Bexar County are now working to finalize incentive agreements with Security Service in an effort to help bring the new headquarters project to fruition.

San Antonio-based Security Service, one of the largest credit unions in the United States, owns 66 acres of real estate at 14880 I-10 West near UTSA Blvd.

Initial plans for the site include a new 250,000-sf campus to include office and operations space, as well as a parking structure.

John Worthington, executive vice president of Security Service Federal Credit Union, said that the plan is to consolidate all of the credit union's operations throughout the city into one location.

Security Service also intends to relocate employees from its leased office space at Eilan, University Park and its old headquarters off US 90 to the new campus.

The company plans to begin construction on the new corporate campus in early 2015.

Read more at the San Antonio Business Journal.
Texas real estate news

IBEX Global opens San Antonio call center 


SAN ANTONIO - Call center operator IBEX Global spent about $2 million improving the San Antonio office building it will move into on Dec. 8. Its new call center is at 12449 Silicon Dr. in the University Park Business Center.

IBEX is moving into a 42,000-sf, single-tenant building owned by R.L. Worth and Associates. Most of the $2 million that IBEX spent in renovations went towards technological improvements.

So far, IBEX has hired about 175 San Antonio employees who will begin working this month. It will hire an additional 600 employees in first quarter 2015.

Greg Rajchel, senior vice president of North American operations at IBEX Global, said IBEX has grown from 6,000 employees in 2012 to about 12,000 today.

Read more at the San Antonio Business Journal.
Texas real estate news

San Antonio apartment market overview Oct. 2014 

(12/5/2014 10:10:00 AM)

SAN ANTONIO - Apartment MarketData Research Services LLC has released October 2014 data. The multifamily market data represent three months trailing (August–October 2014).

As a rule these represent all properties except those that are leased but not occupied units.

Multihousing Market Condition Comparison Aug.–Oct. 2014
San Antonio Texas
Units Occ. Rate* Size** Units Occ. Rate* Size**
< 1970 12,745 93.6% $0.792 841 132,294 96.4% $0.852 832
1970's 27,353 95.3% $0.873 772 383,819 95.8% $0.841 818
1980's 44,376 95.8% $0.949 760 488,257 96.9% $0.928 780
1990's 11,499 95.8% $1.061 924 226,024 97.4% $1.080 922
2000's 40,669 96.3% $1.014 935 366,007 97.4% $1.046 963
2010's 7,831 97.2% $1.222 884 70,963 97.2% $1.194 927
Totals*** 144,473 95.7% $0.968 839 1,667,364 96.8% $0.966 859

*Rate: Rental Rate is the average market rate expressed as ($/SF/month).
**Size: The average size of each unit expressed as (SF/unit).
***Totals include four-bedroom units.

Click to see the full October 2014 San Antonio Multihousing Market Conditions Report, including previous data.

Source: Apartment MarketData Research Services LLC, San Antonio

Remember, this report and other data are available in San Antonio Market Data Sources.

tag: apartment data

SOJO Crossing for 27-unit townhomes in San Antonio 

(12/4/2014 6:59:00 AM)

SAN ANTONIO - After building 23 townhomes on East Quincy St. just west of the river, Frank Pakuszewski and Steve Yndo are teaming up again to develop SOJO Crossing — a 27-unit townhome complex that will be built in the Tobin Hill neighborhood.

The for-sale townhome project will be on the southeast corner of Myrtle St. and East Euclid Ave., a few blocks from The Pearl.

The condos will be three stories high and include units from 1,600 sf to 2,200 sf.

Each unit has three bedrooms, three baths, an enclosed garage and a balcony. The SOJO Crossing units will range from $400,000 to $650,000.

The project will break ground in March 2015 and should be ready for move-in by spring 2016.

Read more at the San Antonio Business Journal.
(Texas real estate news)

San Antonio Holt Cat orange flows to 40,000-SF expansion 


SAN ANTONIO - Holt Cat, the Caterpillar equipment and engine dealer for South, Central, North and Northeast Texas, celebrated the completion of its 40,000-sf heavy equipment service facility.

The facility has eight service bays, featuring four ten-ton cranes and four 15-ton cranes; monitored oil dispensing in all bays; 150 tons of automated HVAC and lighting controls to save energy; and eight BAF-branded fans to reduce electrical consumption.

The $11 million expansion is part of a $100 million Holt investment plan to upgrade facilities, open new full-service locations, and ensure technicians are equipped with advanced tools and technologies.

Read more at Rental Equipment Register.
Texas real estate news

San Antonio gets OK for Guadalupe power plant expansion 


SAN ANTONIO - Guadalupe Power Partners L.P., a natural gas-fired plant located 30 miles northeast of San Antonio, has received a final greenhouse gas construction permit from the Environmental Protection Agency.

The plant is planning to add two simple-cycle combustion turbines of 227 megawatts electric generating capacity to the existing 1,000 megawatt station.

The additions are expected to bring more than $125 million in capital investments and increased jobs.

The total greenhouse gas emissions from the proposed project will be 611,655.16 tons annually.

Read more at the San Antonio Business Journal.
Texas real estate news

James Avery production to Kerrville 


KERRVILLE, KERR COUNTY - Jewelry retailer James Avery is planning to build a 53,600-sf production facility in Kerrville that will create 360 new jobs over the next two years.

The family-owned jewelry retailer has picked out a 30-acre site across from the Kerrville Municipal Airport on SH 27 for the new facility. It is expected to be completed in summer 2016.

The company will move 180 employees from its main Kerrville campus to the new location and create about 360 new positions bringing the total employment to more than 500.

Nationwide, James Avery operates a total of 70 stores across the South and Midwest, including ten in San Antonio, and employs more than 2,000 people.

Read more at the San Antonio Business Journal. Listen to Podcast 237 for this story and more.

San Antonio named one of the most affordable housing markets 

(12/3/2014 10:00:00 AM)

SAN ANTONIO - Want to buy a home in San Antonio? Well, how much do you earn? If the answer to the second question is at least $46,231, then you're in luck.

The above dollar amount represents the annual salary that one must earn in San Antonio in order to be able to afford a median-priced home — per the latest analysis by

The median price of a home in San Antonio is $186,400, according to — which used data from the National Association of Realtors to help compile its latest report.

The website ranked 27 markets and San Antonio came in at number 10. The Alamo City was the most affordable Texas market on the list.

Read more at the San Antonio Business Journal.

REOC: San Antonio 3Q 2014 medical office market 

(12/3/2014 8:45:00 AM)

SAN ANTONIO - The performance of local medical office properties continues to be impacted more by the conversion of non-traditional properties to medical use, migration to user-owned facilities and cost-saving consolidations rather than a renewed scrutiny of health care reform.

These trends tend to temper leasing activity that was previously concentrated within medical-only office buildings. As a result, separately-tracked medical-only office buildings experienced a relatively flat performance in third quarter.

Despite the 3Q 2014 gain, the addition of new supply moved the citywide vacancy up to 18.4 percent compared to 17.5 percent in 2Q 2014.

REOC San Antonio: 3Q 2014 Medical Office Building*
All Types Citywide CBD Non-CBD
3Q 2014 3Q 2013 3Q 2014 3Q 2013 3Q 2014 3Q 2013
Inventory 6,752,278 6,559,753 1,064,453 1,012,037 5,687,825 5,547,716
Direct Vacant 1,241,937 1,215,418 132,027 86,750 1,109,910 1,127,648
Vacant 18.4% 18.5% 12.4% 8.6% 19.5% 20.3%
Average rent $23.79 $23.80 $20.49 $20.71 $24.40 $24.39
3Q absorption 8,078 4,398 -28,980 0 37,058 4,398
YTD absorption 154,248 205,797 -29,880 35,591 184,128 170,206

*Statistics based on all multi-tenant industrial facilities 20,000 sf and larger excluding single-tenant, owner-occupied and government buildings.

For the full report see REOC San Antonio.

For more stats, see Medical under San Antonio Market Data Sources.

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