Missouri-based STL Retail Properties paid $3.2 million, or approximately $45 per square foot, for the Pleasanton Plaza in Pleasanton, TX.
The 70,466 square-foot Plaza was constructed in 1983 at 1715 W. Oaklawn Dr. in San Antonio’s Atascosa County submarket. It is fully anchored by Bealls and Tractor Supply Co. and surrounded by national retailers and restaurant chains such as Walmart, McDonald’s, Burger King, Walgreens and Chili’s.
Jeffrey Christian of First Street, Inc. represented the seller, while Bryan Belk of Franklin Street Real Estate Services represented the buyer.
“We are seeing many transactions like this one, where buyers are investing in smaller markets to get yield as pricing in primary markets continues to rise, “said Belk. “The plaza’s rents are currently below market, which offers great long-term rent growth potential for the new owner.”
Please see CoStar COMPS #3295359 for more information on this transaction.