{"id":1004153785,"date":"2016-09-29T06:54:47","date_gmt":"2016-09-29T14:54:47","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004153785"},"modified":"2020-05-11T02:48:21","modified_gmt":"2020-05-11T10:48:21","slug":"river-city-power-center-sells-for-81m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/river-city-power-center-sells-for-81m\/","title":{"rendered":"River City Power Center Sells for $81M"},"content":{"rendered":"

By Anca Gagiuc, Associate Editor<\/em><\/p>\n

\"Alamo<\/a>

Alamo Drafthouse – Park North<\/p><\/div>\n

San Antonio<\/strong>\u2014Sterling Org.<\/a> 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\u2019s institutional value-add fund Sterling Value Add Partners II.<\/p>\n

\u201cWe are pleased to add Park North to our SVAP II owned portfolio,\u201d said Brian Kosoy, managing principal, president & CEO of Sterling Org. \u201cPark 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.\u201d<\/p>\n

Chris Cozby and Chris Gerard of CBRE National Retail Investment Group<\/a>\u2019s Dallas office brokered the transaction. The 214,000-square foot Sears at the property was not included in the transaction.<\/p>\n

\u201cWe want to thank Chris Cozby and Chris Gerard of CBRE and our lender partners PNC Bank<\/a> and Capital Bank<\/a> for helping us get the deal done,\u201d Kosoy added.<\/p>\n

Park North is located along San Antonio\u2019s Interstate Loop 410 between Blanco Road and San Pedro Avenue, approximately 7 miles north of downtown. It consists of 17 retail buildings<\/a> on 45.7 acres of land.<\/p>\n

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\u2019s Closet, Sports Clips, DXL Men\u2019s 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.<\/p>\n

Image courtesy of Park North Shopping Center\u2019s Facebook Page<\/a><\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

Sterling Org. acquired the property in a sale brokered by CBRE’s retail investment group. <\/p>\n","protected":false},"author":237,"featured_media":1004153787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21825,21783,21742,21749,1607],"tags":[],"class_list":["post-1004153785","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-finance","category-investment","category-latest","category-retail","category-san-antonio"],"acf":[],"yoast_head":"\nRiver City Power Center Sells for $81M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/river-city-power-center-sells-for-81m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"River City Power Center Sells for $81M\" \/>\n<meta property=\"og:description\" content=\"Sterling Org. acquired the property in a sale brokered by CBRE's retail investment group.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/river-city-power-center-sells-for-81m\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2016-09-29T14:54:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2020-05-11T10:48:21+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2016\/09\/Alamo-Drafthouse-Park-North.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"604\" \/>\n\t<meta property=\"og:image:height\" content=\"453\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Anca Gagiuc\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/\"},\"author\":{\"name\":\"Anca Gagiuc\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/#\\\/schema\\\/person\\\/340a1a5e8e7dd137bd91ca1dd3a2e9d7\"},\"headline\":\"River City Power Center Sells for $81M\",\"datePublished\":\"2016-09-29T14:54:47+00:00\",\"dateModified\":\"2020-05-11T10:48:21+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/\"},\"wordCount\":340,\"commentCount\":0,\"image\":{\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/46\\\/2016\\\/09\\\/Alamo-Drafthouse-Park-North.jpg\",\"articleSection\":[\"Deals\",\"Finance\",\"Investment\",\"News\",\"Retail\",\"San Antonio\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/\",\"url\":\"https:\\\/\\\/www.commercialsearch.com\\\/news\\\/river-city-power-center-sells-for-81m\\\/\",\"name\":\"River City Power Center Sells for $81M - 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