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CPS energy to sell 14-acre surplus property
Utility selling acreage to fund a new headquarters in San Antonio
CPS Energy continues to shed vacant surplus properties as it plans a new headquarters location in San Antonio.
The utility is selling a 14-acre parcel at 3330 Cherry Ridge Street and 7720 Briaridge Drive, just north of the Loop 410 and Interstate 10 interchange, where the Malibu Grand Prix formerly stood, the San Antonio Business Journal reported. CPS has hired CBRE to market the property.
The utility bought the site for $6.8 million in 2018 with hopes of using it to consolidate dispatch operations for its work crews. The land was valued at about $7.7 million in 2022, according to the Bexar County Appraisal District.
CPS began shopping a slew of surplus properties in 2021, deeming them to be no longer operationally necessary, and as part of an initiative to build a new headquarters location at 500 McCullough Avenue.
“Our needs for our work centers have changed, and the site does not meet requirements,” a CPS spokesperson told the outlet, regarding 3330 Cherry Ridge.
The utility company sold a 5.9-acre lot at the corner of West Jones Avenue and Camden Street — formerly the Jones Avenue Service Center — to McCombs Family Partners for $29.5 million earlier this year.
CPS’ other surplus properties include its former headquarters at 145 Navarro Street and the surrounding parking area, the parking lot next to the Mexican Consulate at 127 Navarro Street, and a portion of the parking garage at 211 Villita Street, the outlet said.
CPS said it has no timetable for the sales of these properties, all of which are being marketed by CBRE.
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