Harbert Buys Lockhill Selma Office Property in San Antonio
- Aug 01, 2012
Harbert United States Real Estate Fund IV L.P. announced the acquisition of 4350 Lockhill Selma, a three-story, 116,545-square-foot Class A office building in San Antonio. Additionally, the company bought the adjacent land parcel, on which it plans to develop a second phase.
Financial terms were not disclosed.
Travis Pritchett, managing director of HUSREF IV, asserted in a company news release that “4350 Lockhill Selma is a well-located, quality asset in one of San Antonio’s strongest submarkets.”
“We see an opportunity to create value by maintaining current occupancy, renewing the existing tenants and developing a second phase,” Prichett added.
The property is 100 percent occupied, with in-place rental rates below market rental rates. It is situated on a 10-acre lot that fronts Lockhill Selma Road, which is a popular alternative artery to I-10, and is located among several of San Antonio’s most desirable neighborhoods.
According to Citybizlist.com, Dallas-based Stream Realty Partners L.P.’s San Antonio team has been kept in place to lease and manage the building, located in the Northwest submarket near the Interstate 10 and Loop 1604.
The Harbert real estate fund has owned, developed and managed multifamily, office, industrial, retail and self-storage properties throughout the United States. This is the second office acquisition that the company has made recently, as HMC also bought 1800 Bering, a 177,000-square-foot office building in Houston.
A recent market report published by Marcus & Millichap shows that the San Antonio office market will demonstrate a sustainable recovery in 2012, due primarily to the surge in Class A demand that began late last year. The report also indicates that favorable market conditions will support an increase in sales velocity through 2012 as private investors continue to buy discounted assets.
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