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

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Property Description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to present the opportunity to purchase Park Oaks Centre (the “Property”), a 65,862 SF four-story, mid-rise office building located at 16500 San Pedro in San Antonio, Texas. Located along US Highway 281 proximate to Loop 1604, 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. Nearly 92% occupied, Park Oaks Centre offers investors the rare opportunity to acquire a strong cash flowing, stabilized office asset with potential upside and long-term value appreciation in one of the most resilient cities in the Nation. 

Investment Highlights

Strong In-Place Cash Flow with a Diversified Tenant Base and Potential Upside

  • Currently 92%-leased, Park Oaks Centre features a diverse tenant composition of local, regional, and national tenants in various industries including law, oil & gas, financial services, banking, healthcare, and construction among others
  • As one of the few traditional office towers just south of Loop 1604, the Property has maintained a high historical average occupancy of 90% over the past 10 years, catering to the decision makers and their employees who live in the nearby vicinity that prefer average in-place rents of $25.08 BY per square foot (approximately 30% below market rates in the CBD)
  • New ownership could capitalize on potential upside at the Property through minor investments in aesthetic upgrades to potentially garner increased rental rates in addition to the lease-up of the 5,421 of existing vacant space at market rates to increase revenue by nearly $138,000

Recent Capital Improvements

  • Current ownership has invested a significant amount of capital into the Property since 2015 including a HVAC controls system upgrade, new fire pump controller, new condensing unit, upgraded lobby directory, resealed/glaze on all windows, expansion and cove joints, and exterior bricks
  • Ownership is currently installing a new TPO roof this year with a long-term warranty
  • Recent capital expenditures completed mitigate the need for potential capital and insures growing cash flows

 

Highly Accessible, Visible North Central Location

  • Positioned along US Highway 281, one of the primary north/south thoroughfares and most traveled highways in San Antonio, offering excellent visibility and convenient travel times for both tenants and visitors of Park Oaks Centre
  • Centrally located in close proximity to Loop 1604 and Wurzbach Parkway, providing quick connectivity to desirable residential areas such as Hill Country Village, Hollywood Park, Stone Oak, Castle Hills, and Shavano Park
  • The Property is proximate to a deep amenity base with nearly 16.3M SF of retail within a 5-mile radius that includes popular entertainment destinations such as Stone Oak, North Star Mall, and Northwoods Shopping Center

Strong North Central Office Market

  • Average occupancy rates across the North Central office submarket are nearly 87% despite approximately 455,258 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 over 23% from $19.02 PSF to $23.46 PSF today which represents a 14% discount to the overall average market rate of $26.68 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 five years
Last Updated Date: 28 May 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: 28 May 2021

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