Despite spending almost a quarter of the year on the market, the centralized Terrell Plaza shopping center in San Antonio’s northeast side has a new owner. Houston-based Property Commerce, a seasoned retail investor, has cleverly snagged two significant plots within the grand shopping center. One might argue that they have essentially acquired the shopping center’s life force; the parcels are situated at 1201 and 1235 Austin Highway, key locations for the bustling center.
These two sought-after sites have an assessed value of a whopping $21.8 million. This value might seem astronomical, but that does not deter the new owners given the monetary potential awaiting them. For one, the complex is currently enjoying a high occupancy rate, with a 96 percent lease threshold. Furthermore, notable anchor stores such as Target, Petco, and Ross Dress for Less provide an epicenter of foot traffic and active commerce on this site.
Before this new chapter, the property was under the stewardship of Ohio-based real estate investment trust SITE Centers, who acquired the property in 2008 for $16.9 million. As Property Commerce takes the helm on this financially viable venture, the San Antonio community and beyond will be watching the trajectory of the Terrell Plaza with bated breath. For more in-depth information, feel free to follow this link [insert article link here].