Investcorp snagged an assemblage of low-rise office buildings near the San Antonio airport, highlighting demand for smaller office properties in the city’s North Central area.
The Bahrain-based firm, led by co-CEOs Rishi Kapoor and Hazem Ben-Gacem, bought 10 buildings, encompassing 11803 to 11995 Starcrest Drive, from Los Angeles-based Omninet Capital, the San Antonio Business Journal reported.
Terms of the deal were not disclosed, but Investcorp borrowed $36 million from BankUnited to help finance the acquisition, Bexar County records show. The assemblage is valued at almost $18 million, according to the Bexar County Appraisal District.
Starcrest Blossom, an LLC tied to Fort Worth-based Fort Capital, still owns a portion of the office campus, at 12095 Starcrest Drive.
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San Antonio had an office vacancy rate of 17.4 percent by the end of last quarter, up from 16.8 percent in the previous quarter, according to brokerage firm Cushman & Wakefield. The vacancy rate in the downtown area was at 21.4 percent by the end of June, while the North Central area — where Investcorp’s purchase is — had a rate of 17 percent.
A handful of properties near the airport have traded in recent months. In March, Houston-based Fuller Realty bought the Northbrook Business Park, a seven-building, 362,000-square-foot office property at 140 Heimer Road. In June, Dallas-based Dogwood Commercial Real Estate acquired the 355,000-square-foot shopping center at 8800 Broadway, the outlet reported.
—Quinn Donoghue