San Antonio Pipeline Company Sells HQ for Over $100M, Now Tenant
San Antonio-based pipeline company NuStar Energy LP said the sale was designed to pay off some of its outstanding debt. It sold its headquarters building at 19003 West Interstate 10, just north of the The Rim shopping center, to Atlanta-based Truist Bank for $102.4 million, according to a public filing.
NuStar plans to remain in the 1 million-square-foot campus. NuStar is leasing the 300,000-square-foot building for a 20-year period. The company built the campus in 2012, having purchased the parcel in 2010.
A San Antonio Business Journal report said the company will pay its landlord approximately $8.2 million in rent per year for 20-years. As part of the agreement, there’s a restriction on future development on a 6.231 acre portion on the southern edge of the parcel for as long as NuStar or any NuStar affiliate is the tenant. NuStar also retains 13 acres of the 32-acre plot.