With its $147 million portfolio expansion in Houston’s Energy Corridor earlier this year and a series of acquisitions in downtown San Antonio, Fuller Realty is poised to conquer the bustling Texas real estate market one city at a time.
The Houston-based firm has acquired the Network Crossing office complex, cementing itself as a power player in the River City’s commercial real estate market, the San Antonio Business Journal reported.
The five-building office park at 5250 and 5253 Prue Road, in the Medical Center, spans 143,000 square feet and is 85 percent occupied. The price wasn’t revealed, but Fuller Realty borrowed $15.9 million from Goldman Sachs, through a related LLC, to complete the deal. The loan pencils out to about $111 per square foot.
The property is valued at $23.5 million by the Bexar County Appraisal District.
Fuller Realty has been on a buying spree in San Antonio, showing the firm’s growing appetite for single-story offices. This purchase caps off a year of high-profile acquisitions including an office park on Arion Parkway, industrial space at 610 Lanark Drive and the Pinnacle Oaks office building at Loop 1604 and Lockhill Selma Drive. Despite concerns regarding the pandemic’s impact, San Antonio’s commercial leasing activity has remained strong.
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Todd Mills, Carrie Caesar and Hunter Mills at Cushman & Wakefield brokered the transaction, and Transwestern will be retained as the complex’s leasing broker. The firm is open to acquiring more property in the San Antonio area, Johnny Kight, Fuller Realty principal said.
“This is our fourth purchase in San Antonio in 2022, totaling about 650,000 square feet,” Knight said. “We will continue to pursue office, light industrial and flex properties across San Antonio and central Texas.”
– Brandon Sams