search

The Real Deal Logo

Trending

How Hochul played the “good cause eviction” game, and wonHow Hochul played the “good cause eviction” game, and wonGlossier founder is buyer of $22M Brooklyn townhouseGlossier founder is buyer of $22M Brooklyn townhouseSwig finds new bottom with DTLA office sale at $94 a sfSwig finds new bottom with DTLA office sale at $94 a sfHousing deal finally passes; here are the detailsHousing deal finally passes; here are the details
Commercial
Texas

Fuller Realty caps 2022 buying spree with San Antonio office buy

The acquisition cements the firm as a major player in the city’s commercial real estate scene

A photo illustration of Fuller Realty's Johnny Knight and Network Crossing office park at 5253 Prue Road (Getty, Fuller Realty, LoopNet)
A photo illustration of Fuller Realty's Johnny Knight and Network Crossing office park at 5253 Prue Road (Getty, Fuller Realty, LoopNet)

With its $147 million portfolio expansion in Houston’s Energy Corridor earlier this year and a series of acquisitions in downtown San Antonio, Fuller Realty is poised to conquer the bustling Texas real estate market one city at a time.

The Houston-based firm has acquired the Network Crossing office complex, cementing itself as a power player in the River City’s commercial real estate market, the San Antonio Business Journal reported.

The five-building office park at 5250 and 5253 Prue Road, in the Medical Center, spans 143,000 square feet and is 85 percent occupied. The price wasn’t revealed, but Fuller Realty borrowed $15.9 million from Goldman Sachs, through a related LLC, to complete the deal. The loan pencils out to about $111 per square foot.


The property is valued at $23.5 million by the Bexar County Appraisal District.

Sign Up for the undefined Newsletter

Fuller Realty has been on a buying spree in San Antonio, showing the firm’s growing appetite for single-story offices. This purchase caps off a year of high-profile acquisitions including an office park on Arion Parkway, industrial space at 610 Lanark Drive and the Pinnacle Oaks office building at Loop 1604 and Lockhill Selma Drive. Despite concerns regarding the pandemic’s impact, San Antonio’s commercial leasing activity has remained strong.

Read more

Todd Mills, Carrie Caesar and Hunter Mills at Cushman & Wakefield brokered the transaction, and Transwestern will be retained as the complex’s leasing broker. The firm is open to acquiring more property in the San Antonio area, Johnny Kight, Fuller Realty principal said.

“This is our fourth purchase in San Antonio in 2022, totaling about 650,000 square feet,” Knight said. “We will continue to pursue office, light industrial and flex properties across San Antonio and central Texas.”

– Brandon Sams

Tags
AcquisitionsCommercial Real EstateSan Antonio