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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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Property Description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to offer the opportunity to purchase The Corners (the “Property”), a 43,560 SF retail center located at 2607 Jackson Keller in San Antonio, Texas. Located at the intersection of Vance Jackson and Jackson Keller, adjacent to Loop 410, the Property is positioned in burgeoning Northwest San Antonio in close proximity to some of the city’s major economic and entertainment hubs. Currently 77% occupied, The Corners presents investors with the rare opportunity to acquire a strong cash flowing, neighborhood center well below replacement cost with immediate value-add potential and long-term value appreciation in one of the most resilient cities in the nation.

Investment Highlights

Stable In-Place Cash Flow with Significant Value-Add Potential

-         Currently 77% leased to a diverse rent roll comprised of service-oriented, experiential, and traditional retailers along with office users serving the surrounding residential community

-         With 9,950 SF of vacant space remaining, investors can immediately create value through the lease-up at market rates, potentially increasing revenue by nearly $150,000

-         Featuring 2.4 years of weighted average lease term and in-place rental rates of $11.16 per square foot NNN, approximately 55% below market rates ($17.27 PSF), The Corners presents investors a significant mark-to-market opportunity

Highly Visible, Desirable Northwest Location

-         Located at the intersection of Vance Jackson and Jackson Keller adjacent to Loop 410, the Corners is positioned in a densely populated area of apartment communities and established residential neighborhoods bringing vehicle and foot traffic daily to the Property

-         Superior access from Loop 410 with quick connectivity to IH-10 or US Highway 281, two of the major thoroughfares throughout the City, providing easy access to major economic drivers including La Cantera/The Rim, the San Antonio International Airport, North Star Mall, Alamo Quarry Market, Pearl and Downtown

-         Three ingress/egress points provide accessibility from Jackson Keller Road to Vance Jackson, both of which feed into Loop 410 via two full interchanges located within 3 quarters of a mile from the Property

Strong Tenant Retention Historically and During Covid-19

-         The Corners had four tenants execute new leases/renewals during the peak of the pandemic last year, demonstrating strong convictions in their business models and the Property’s location

-         Several of the tenants such as Pizza Hut, Ernesto’s Restaurant, Leslie’s Pool Supplies (totaling approximately 25% of Property) have historical long-term tenures at the Property of over 20 years

-         Of the few tenants that had requested rent deferment during Covid most are back on track and current with payments

Robust Demographics in Surrounding Neighborhoods

-         With over 38,000 multifamily units within a 3-mile radius of The Corners, the Property is positioned in a highly dense residential area with a population (2020) of over 322,000 residents

-         The surrounding neighborhoods such as Oak Valley, Castle Hills, and Elm Creek are highly coveted with median house prices ranging from $350,000 to $450,000

-         Given the proximity to nearby employment hubs such as South Texas Medical Center, University of Texas at San Antonio (UTSA) System, USAA HQ, and Valero Corporate Campus – this area is predicted to grow even more as employees choose to relocate their families to the burgeoning submarket

Resilient San Antonio Economy

-         As the 3rd fastest growing City in the nation (from 2010-2019), in large part due to the presence  of non-cyclical industries, business friendly climate, and low cost of living ; San Antonio is considered to be one of the strongest and most resilient cities in the nation 

Last Updated Date: 12 Jul 2021
John Taylor
John Taylor
Managing Director, Capital Markets
License details
TX-466052
Sean Sorrell
Sean Sorrell
Senior Managing Director, Capital Markets
License details
TX-0353651

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Last Updated Date: 12 Jul 2021

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