Investcorp buys low-rise office complex near San Antonio airport

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.

Read more

National

Investcorp buys five apartment buildings across US

South Florida

The Weekly Dirt: Rishi Kapoor’s downfall

Texas

Fuller Realty caps 2022 buying spree with San Antonio office buy

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