In January, JLL Capital Markets announced it brokered the sale of a freestanding retail building, called South Bank, which houses eight popular dining and entertainment tenants along the famous River Walk in San Antonio, Texas. Acquired by Fifth Corner (aka “The Irreplaceable Corner Company”) for an undisclosed sum, the property had most recently been appraised for $15.3M by the Bexar County Appraisal District. Built in 1994, the property had previously been owned by AmREIT for a little more than 10 years before the company was acquired by Edens Investment Trust in 2015. Fifth Corner was founded by former executives of AmREIT, so the acquisition is close to the hearts of the new owners.
Property Name: South Bank
Square Footage: 46,704 s.f.
Property Type: Freestanding Retail Building
Developer: Hixon Properties, Inc.
Seller: Edens Investment Trust/Casa Linda Edens, LLC
Buyer: Fifth Corner
Location: San Antonio, Texas
“We are thrilled to own South Bank again and look forward to implementing our Fifth Corner initiatives,” said Tenel Tayar, co-founder and managing partner at Fifth Corner. Tayar added, “South Bank embodies the characteristics of an ‘Irreplaceable Corner’ with its extremely high barriers to entry, strong tenant demand, and connection to the community. After more than a decade of operating experience with South Bank on the San Antonio River Walk, we will maximize the value of this ‘Irreplaceable Corner’ and make this stalwart even better.”
The tourist-friendly River Walk location, which garners 11 million+ visitors annually, has a large number of hotels within walking distance – as well as the Henry B. Gonzales Convention Center — which makes the property especially valuable. The tenants are all popular social outing —oriented brands such as Hard Rock Café, Ben & Jerry’s, Fat Tuesday, The County Line barbecue restaurant, Howl At The Moon, the Cowboy Harley-Davidson gift shop, Paesanos and Merkaba, a local upscale cocktail lounge.
The JLL team that represented the seller included Barry Brown, Senior Managing Director, Retail Group Leader; Ryan West, Senior Managing Director and Chris Gerard, Senior Managing Director.
