GrayStreet Buys Big Stand Land In San Antonio

You can’t keep a good swine down.

A local real estate developer purchased land along San Antonio’s Broadway that is home to the last location of the Pig Stand drive-in restaurant.

GrayStreet Partners bought the land at 1508 Broadway, near the intersection of Newell Avenue and Casa Blanca Street, the San Antonio Business Journal reported. The restaurant opened in 1921 during the bygone chain’s 1920’s heyday.

The purchase price of the two plots of land wasn’t disclosed, but the Bexar County Appraisal District valued them at a combined $3.7 million last year.

The longtime owner and operator of the Pig Stand, Mary Ann Hill, told the outlet that she is in negotiations with GreyStreet to secure a new lease, and she hopes to keep the restaurant open.

Hill, along with landlord Maria Hernandez, brought the restaurant back to life after the previous owner filed for bankruptcy protection in 2005. The Broadway Pig Stand was shuttered for a while before Hill and Hernandez worked with bankruptcy trustee Vincent Liuzza Jr. to acquire it.

GrayStreet had one of the biggest buys in Texas’ 2022 office market. The firm bought the 1.7 million-square-foot Renaissance Tower at 1201 Elm Street in Dallas, in a leasehold, from Square Mile Capital for $98 million, or $56 per square foot, in May. The 56-story building was built in 1974, and financing for the purchase was provided by an affiliate of Square Mile Capital, which had owned the property since 2021.

A year after celebrating its 100th anniversary, Texas’ second-oldest restaurant hit the market last June.

The Old Spanish Trail restaurant, colloquially known as O.S.T., opened in 1921 in Bandera, a Texas Hill Country town about an hour outside San Antonio that bills itself as the “Cowboy Capital of the World.” The owner was looking to lasso $3.25 million from its sale. The land O.S.T. sits on has a taxable value of $32,300, according to records from the Bandera County Appraisal District.

— Victoria Pruitt