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NOI Net Operating Income N/A
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Property Description

Jones Lang LaSalle (JLL), as exclusive advisor, is pleased to offer the opportunity to purchase Crosswinds Buildings A & B, a two-building flex office, industrial park consisting of 11603 Crosswinds Way and 11826 Tech Com Drive in San Antonio, Texas on a portfolio basis. Both properties are located directly between IH-35 and Wurzbach Parkway in the heart of the high growth 'Austin-San Antonio Corridor', one of the fastest growing regions in the United States. Well-leased at 90%, Crosswinds Buildings A & B presents potential investors with the rare opportunity to purchase a flex office, industrial asset positioned with strong cash flow, immediate potential upside, and long-term value appreciation in one of San Antonio’s most prolific growth corridors along IH-35.

Investment Highlights

Strong In-Place Cash Flow with a Diversified Tenant Base

-         Currently 90%-leased, Crosswinds A & B encompasses a diverse tenant composition of regional and national tenants in various industries such as banking and financial services, medical testing, customer service, telecommunication, and federal law enforcement featuring a WALT of 3.3 years

-         Average in-place rents of $16.59 per square foot NNN are approximately 50% below the average market rates ($24.71 PSF) of the competitive set, providing investors a significant mark-to-market opportunity

-         Strong credit tenant, Bank of America (Moody’s: Aa2, S&P: A+) comprises nearly 34.1% of total NRA with a 13-year tenure at the Property

-         Room to potentially add value through the lease-up of the remaining 19,808 SF vacant suite to market rates


Highly Accessible, Industrious Northeast Location

-         Ideally positioned along IH-35 and Wurzbach Parkway in the heart of the high growth “Austin-San Antonio Corridor”, one of the fastest growing regions in the United States, and provides quick access to Austin and all areas surrounding San Antonio

-         Tenants and visitors of Crosswinds A & B alike enjoy convenient travel times to popular residential areas such as Castle Hills, Hill Country Village, Live Oak, and Alamo Heights

-         Superior visibility and access from IH-35 with quick connectivity to Loop 410 or 1604, two of the major thoroughfares through the City, providing easy access to major economic drivers including the San Antonio International Airport, North Star Mall, Alamo Quarry Market, Pearl and Downtown

-         Historically known as the workforce housing area of the City sustained by below average demographics, the submarket has become more robust with the influx of employers like Rackspace and industrial users that have relocated to the submarket and have contributed to substantially improved demographics


Efficient, Open Flex Office Layout

-         Crosswinds A & B offers unique, flexible space that can be outfitted to a number of uses such as warehouse/distribution, lab space/research and development, or creative office

-         Early 2000s construction with Class A finish-outs complete with flexible and efficient floorplans that rival comparable properties in the immediate area

-         Above average parking (5:1,000 SF in Building A| 7:1,000 SF in Building B) coupled with 24/7 access and HVAC controls supports mission-critical tenants and high-density users that may utilize the building outside of working hours, and is preferred by many tenants since the advent of Covid-19

-         Recent capital expenditures this year include a roof replacement (Building B), fire alarm replacement, and (2) new main electric breaker relays

 

Strong Northeast Office Market

-         Average occupancy rates across the Northeast office submarket are currently 89% despite approximately 192,000 square feet of office product being delivered to the submarket during 2019

-         Since 2010, NNN rental rates in this submarket have increased nearly 16% from $17.88 PSF to $20.77 PSF today which represents a 28% discount to the overall average market rate of $26.73 PSF

-         With many tenants looking for more affordable rents outside of the CBD, the Northeast submarket has attracted and retained many of them, maintaining a historical positive average absorption over the past two years

-         Strong market fundamentals are predicted to continue despite future economic uncertainty because historically, San Antonio has fared better than its counterpart cities across the U.S. in large part due to the prominent presence of non-cyclical industries including health care, education, government, and military

Last Updated Date: 02 Nov 2020
John Taylor
John Taylor
Managing Director, Capital Markets
License details
TX-466052
William Sledge
Will Sledge
Senior Managing Director, Capital Markets

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Last Updated Date: 02 Nov 2020

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