Preferred Office Nabs 258K-SF Westridge at La Cantera
Preferred Office Properties LLC acquired Westridge at La Cantera, a 258,000-square-foot, two-building property on San Antonio’s far northwest side. The Atlanta buyer, a wholly-owned subsidiary of Preferred Apartment Communities Inc., made the deal with seller USAA Real Estate Co.
The price was undisclosed, though the company financed the acquisition with a $54.4 million first mortgage loan through Allianz Real Estate of America LLC. The loan carries a fixed rate of 4.1%, has an 11-year term, and 25-year amortization.
The property at 15935 La Cantera Pkwy. delivered in 2015-2016, and is 100% leased to tenants including USAA and Harland Clarke Holdings Corp. The average remaining lease term is approximately nine years. Preferred Apartment’s Leonard Silverstein indicated that the company’s primary focus continues to be owning and operating apartments. However, “We will continue to select these non-multifamily focused assets in property types in which we have considerable, proven experience,” he added.
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