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NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Documents

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Attributes

Building Area Net
Land Area Net ()
Number of units 157521
Occupancy 0.5719 %

Property Description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the opportunity to purchase One Castle Hills (the “Property”), a 157,836 SF eight-story, mid-rise office building located at 1100 NW Loop 410 in San Antonio, Texas. Located alongside Loop 410, the Property is positioned in the heart of North Central San Antonio, one of the most desirable submarkets in the City to live, work, and play. Currently 65%-occupied, One Castle Hills presents investors with the rare opportunity to acquire a strong cash flowing office asset, with significant room to add value and capitalize on potential upside in one of the most resilient cities in the Nation.

Investment Highlights

Highly Visible, Irreplaceable, Mixed-Use Infill Location

·        Positioned directly along Loop 410 at the major intersection of Blanco Road, one of the primary thoroughfares and most traveled highway in San Antonio, offering superior visibility and convenient travel times for both tenants and visitors of One Castle Hills 

·        One Castle Hills is one of the few office buildings in the submarket that presents truly walkable amenities including Dough Pizzeria, Picnikins, and Zero Degrees with an additional 5 million square feet of retail space within a one-mile radius of the Property providing an unrivaled amenity base 

·        Centrally located in close proximity to US Highway 281, I-10, and Wurzbach Parkway, offering quick connectivity to preferred residential areas for both decision makers and employees alike such as Alamo Heights/Terrell Hills, Olmos Park, Castle Hills, Hill Country Village, Shavano Park, and Stone Oak 


Strong In-Place Cash Flow with Significant Upside Potential 

·        At a current occupancy of 65%, One Castle Hills presents an excellent opportunity for potential investors to create value through the lease-up of the 54,475 SF of remaining vacancy at market rents ($24.50 PSF) to create an additional $1.3M of income  

·        New ownership could capitalize on further potential upside at the Property through minor investments in aesthetic upgrades to potentially garner increased rental rates as well as distinguish the Property from its competitive set within the submarket 

·        One Castle Hills features a diverse tenant composition of local, regional, and national tenants in various industries such as law, government, financial services, healthcare, insurance, and engineering 


Recently Renovated Office Building 

·        Current ownership has invested over $2.3M in significant capex projects since 2016 including a new TPO roof, new façade safety system, rebuilt chiller, new generator, elevator modernizations, and upgrades to the Building’s conference room and restrooms

·        With 387 surface parking spots and 78 covered carport spaces for a total 465 spaces, One Castle Hills offers substantial parking to its tenants with over $100,000 invested into parking lot upgrades by current ownership

·        Recent capital expenditures completed mitigate the need for capital expenditures and insures growing cash flow 


Robust North Central Office Market

·        Average occupancy rates across the North Central office submarket are nearly 87% despite approximately 476,106 square feet of office product being delivered to the submarket over the last two years

·        Since 2011, gross rental rates in this submarket have increased nearly 30% from $18.43 PSF to $23.78 PSF today which represents a 17% discount to the overall average San Antonio market rate of $27.83 PSF

·        With many tenants looking for more affordable rents outside of the CBD, the North Central submarket has attracted and retained many of them, maintaining a historical positive average absorption over the past seven years

Last Updated Date: 01 Oct 2021
John Taylor
John Taylor
Managing Director, Capital Markets
License details
TX-466052
Jeremy Womack
Jeremy Womack
Senior Managing Director, Phoenix Office Head

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Last Updated Date: 01 Oct 2021

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