USAA Sells San Antonio Office Campus

By Timea Papp

WestRidge at La Cantera

HFF has brokered the sale of WestRidge at La Cantera, a Class A office campus totaling 258,031 square feet in the Northwest submarket of San Antonio. USAA Real Estate sold the two-building asset to Preferred Office Properties, an indirect subsidiary of Preferred Apartment Communities.

The HFF team secured $54.4 million in acquisition financing on behalf of the new owner, according to public records. Originated by Allianz Real Estate of America, the fixed-rate mortgage holds an 11-year term with an interest rate of 4.1 percent. Located at 15955 and 15935 La Cantera Parkway, the complex consists of WestRidge One and WestRidge Two.

Long-term tenancy

Developed in 2014 and 2015 on 22 acres by a partnership between USAA and Patrinely Group, the buildings are fully leased through January 2017 to Harland Clarke Holdings and USAA. WestRidge La Cantera features floor-to-ceiling glass windows, marble flooring, ample meeting space, on-site cafeterias, a total of 1,290 parking spaces as well as covered parking.

WestRidge La Cantera sits within the 1.3 million-square-foot La Cantera mixed-use development that spans across 150 acres. La Cantera is home to the Residences at Cantera, the 498-key La Cantera Hill Country Resort and to numerous retailers at The Shops at La Cantera. The location is in close proximity of major thoroughfares including Interstate 10 and Loop 1604, and provides access to some of San Antonio’s coveted neighborhoods such as The Dominion, Stone Oak, Fair Oaks Ranch and Cross Mountain.

Earlier this month, USAA Real Estate and Lowe finalized the construction of a 700,000-square-foot office building in Alexandria, Va.

Image courtesy of HFF