River City Power Center Sells for $81M
Sterling Org. acquired the property in a sale brokered by CBRE's retail investment group.
By Anca Gagiuc, Associate Editor
Alamo Drafthouse – Park North
San Antonio—Sterling Org. of Palm Beach, Fla., announced its acquisition of Park North power center in San Antonio for $81 million. The asset was purchased on behalf of the firm’s institutional value-add fund Sterling Value Add Partners II.
“We are pleased to add Park North to our SVAP II owned portfolio,” said Brian Kosoy, managing principal, president & CEO of Sterling Org. “Park North sits on incredible dirt and along with North Star Mall anchors what is one of the most dynamic, dense and infill retail trade nodes in central Texas. If our team can improve some functional deficiencies as intended, we believe Park North has the potential to become another tremendous value-add retail real estate success story for our team and our investor partners in San Antonio.”
Chris Cozby and Chris Gerard of CBRE National Retail Investment Group’s Dallas office brokered the transaction. The 214,000-square foot Sears at the property was not included in the transaction.
“We want to thank Chris Cozby and Chris Gerard of CBRE and our lender partners PNC Bank and Capital Bank for helping us get the deal done,” Kosoy added.
Park North is located along San Antonio’s Interstate Loop 410 between Blanco Road and San Pedro Avenue, approximately 7 miles north of downtown. It consists of 17 retail buildings on 45.7 acres of land.
The 635,382-square-foot asset is 73 percent occupied, having Target, Alamo Drafthouse and Cost Plus World Market as anchor tenants. Other national and regional businesses at Park North include Mattress Firm, Payless Shoesource, Plato’s Closet, Sports Clips, DXL Men’s Apparel, Norris Conference Center and DeVry, as well as destination-oriented restaurants and various entertainment venues such as Chipotle, Twin Peaks, Panda Express, The Egg & I, Baskin Robbins and LOL Comedy Club. Park North was redeveloped into a power center in 2008 via a de-malling of Central Park Mall.
Image courtesy of Park North Shopping Center’s Facebook Page
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