DALLAS, Jan. 5, 2023 -JLL Capital Markets announced today that it has closed the sale of South Bank, a 46,704-square-foot, high-performing retail asset located on the world-renowned San Antonio River Walk, the top tourism attraction in the state of Texas. JLL marketed the property on behalf of the seller, and Fifth Corner acquired the asset. Fifth Corner's predecessor, AMREIT, formerly owned this property from 2005 to 2015. "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 LINK and make this stalwart even better," said Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner. "Our predecessor to Fifth Corner, AmREIT, acquired the property in 2005 and owned and operated it until the company sold in 2015. South Bank embodies the characteristics of an Irreplaceable CornerTM with its extremely high barriers to entry, strong tenant demand, and connection to the community. We are thrilled to own South Bank again and look forward to implementing our Fifth Corner initiatives." This trade is significant as only one River Walk retail asset transaction has occurred over the last five years, and only six individual retail assets have traded since 2005. Featuring a strong mix of food and beverage and local and national retailers, the property caters to the over 11 million visitors to the River Walk annually. South Bank generates total commerce of over $22 million, the center is 100% occupied and boasts an average tenant tenure of 20.1 years. Original tenants include Hard Rock Café, The County Line Bar-B-Q, Paesanos, Cowboy's Alamo City Harley-Davidson, Ben & Jerry's and Howl at the Moon. Recent additions include Merkaba, a live-music sister concept to Howl at the Moon, and Fat Tuesday, which has returned to its original South Bank location after 17 years. Situated at 111 W Crockett St., South Bank is set within a highly coveted retail micro-market. The tenants have access to a San Antonio's large population of 2.6 million, as well as the approximately 37 million tourists that visit the city annually. Additionally, the location of the asset benefits from the 16,877 total hotel rooms within a five-mile radius. South Bank is also supported by incredibly strong fundamentals driven by high retailer demand and development restrictions established by the RIO-3 zoning that was implemented in 2002 to protect, preserve and enhance the San Antonio River. The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Ryan West and Barry Brown and Associate Erin Lazarus and Megan Babovec. JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. For more news, videos and research resources on JLL, please visit our newsroom. Attachments Original Link Original Document Permalink
Disclaimer Jones Lang LaSalle Inc. published this content on 05 January 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 06 January 2023 06:06:37 UTC.