A Houston real estate firm purchased an eight-tenant shopping center along the San Antonio RiverWalk, in a rare change of hands for the tourist hot spot.
Fifth Corner bought South Bank, at 111 West Crockett Street, for an undisclosed price, the San Antonio Business Journal reported. The 46,700-square-foot property is valued for tax purposes at $15.3 million, according to the Bexar County Appraisal District. JLL brokered the deal.
Tenants include Hard Rock Cafe, the County Line barbecue restaurant and Howl at the Moon bar.
The firm, which focuses on developing community gathering spaces in urban markets, is actually reacquiring the property. Fifth Corner sold the site in 2015 after owning it for 10 years under the name AmREIT, the DBJ reported. The seller wasn’t disclosed, and property tax records show the site is owned by AmREIT Riverwalk LP.
The opportunity to re-enter the market was too good to pass up, Fifth Corner’s Tenel Tayar told the outlet.
“We saw that the San Antonio RiverWalk attracts tourists and convention attendees steadily through various economic cycles,” Tayar told the outlet. “Of course, covid was indiscriminate in its effect on consumers. But tourism, conventions and consumption are all recovering well.”
The firm plans to make the shopping center more “approachable and inviting” by improving the visibility, signage and landscaping, Tayar said.
“Many of the existing tenants have been at South Bank for over 20 years,” Tayar told the outlet. “They serve the market’s needs and have done that successfully. Our first objective is to work with our tenants to make sure that they serve the market well.”
The San Antonio RiverWalk spans nearly 15 miles of entertainment, parks, residential, restaurants and natural sites and has been called the “crown jewel” of San Antonio, according to the city’s website. The latest figures from the U.S. Census shows San Antonio as one of the fastest growing markets in the country.
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