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Distressed SA Office Property Picked by SageView
SageView Partners acquired McAllister Plaza, an office building near the airport in San Antonio. The owner, RBL Real Estate had originally decided to not pay off the $15.3 million balance on its 2013 mortgage before it reached maturity in October. RBL pleaded for an extension with a special master and found a buyer. While the sales prices was not disclosed, the San Antonio Business Journal reports the property has an assessed value of $28.5 million. JLL — a tenant in the 12-story, 192,000-square-foot building — represented the seller. The building is 91% leased.
Over the next few years, office properties are facing a wave of maturities as the asset class continues to remain out of favor with banks, investors, appraisers and — perhaps most importantly — workers who appreciate working from home more and more.
SageView, an investor focused on office, retail and industrial assets, owns a number of properties around San Antonio.
- ◦Sale/Acquisition
