GrayStreet Partners is looking to offload another property in downtown San Antonio, testing investor demand at a time of sluggish commercial real estate sales and high interest rates.
The local firm has hired CBRE to sell the low-rise retail buildings at 100 and 108 Soledad Street, which intersect with West Commerce Street, the San Antonio Business Journal reported. The asking price has not been disclosed.
CBRE is playing it up as a prime redevelopment opportunity, with possible uses including multifamily, hotel or mixed-use.
Spanning 15,700 square feet, they were constructed in 1935 and offer 172 feet of River Walk frontage. A Western Brands apparel store is a tenant.
It’s unclear how much GrayStreet paid for them, although public records show that the firm took out a $6 million loan as part of the deal. That’s $382 per square foot.
The properties’ taxable value comes to $7 million, according to the Bexar County Appraisal District. That’s a considerable jump from their appraised value of $3.9 million when GrayStreet bought them at the end of 2022.
This listing follows GrayStreet’s recent sale of La Villita Assembly Building — a 245,000-square-foot riverfront event venue previously owned by CPS Energy — to MLSA Ventures. GrayStreet bought that building for $5.3 million, just under $214 per square foot, in March 2023.
While reasons for GrayStreet’s recent selling spree are unclear, it’s possible that the firm is trying to raise capital for its various large-scale developments in San Antonio.
Just north of downtown, GrayStreet and Fulcrum Development are spearheading the BESA District, a 15-acre project slated for a mix of retail, office, hotel and residential space.
GrayStreet is also behind the highly anticipated redevelopment of San Antonio’s old Lone Star Brewery, a $600 million project that would transform the 32-acre site into a mixed-use hub.
—Quinn Donoghue
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