NewFound Buys Massive San Antonio Parcel From ExxonMobil

ExxonMobil sold a massive San Antonio parcel to a Texas developer with multiple high-profile investments in the Lone Star State.

Houston-based NewFound Partners bought a 194-acre property, spanning three parcels at 7711 and 13976 Quintana Road on the Southwest Side, from the oil and gas company, the San Antonio Business Journal reported. Terms of the deal weren’t disclosed, but Bexar County records show that NewFound Partners took out a $487,500 loan to help with the purchase.

The land, adjacent to the 505-acre Pearsall Park in San Antonio’s Southwest Side, was recently valued at $2.9 million, according to the Bexar County Appraisal District. Exxon acquired the parcels from 2006 to 2011.

The properties are zoned general industrial and heavy industrial, which allows manufacturing, storage and heavy transportation uses.

NewFound Partners, led by Brad Elmore and John Leggett, continues to add to its San Antonio portfolio. The firm has invested in the Westin Riverwalk Hotel, a 473-room upscale establishment in downtown San Antonio, as well as the Toyota Motor Manufacturing facility east of Highway 410.

Elsewhere in Texas, NewFound is at the helm of student housing developments Noble 2500 and the Cortado near the University of Texas at Austin. The firm has acquired the Pillars at 59 retail strip in Houston, as well as an infill development in Houston’s Heights neighborhood, with plans to build a gated community with 22 luxury 3-story homes, according to the company’s website.

—Quinn Donoghue