Brass professional center
REO - Lender Owned Office Portfolio | 437,879 SF - Portfolio of 10 buildings
Marketing description
Younger Partners has been exclusively retained to offer qualified buyers the opportunity to acquire the Brass Professional Center Portfolio ("Property"). Located along NW Loop 410, the 10-building office park provides immediate access to 1-10 and a direct connection to downtown, San Antonio International Airport and Westover Hills / Alamo Ranch.
Strategically located in San Antonio's high growth Northwest market, Brass Professional Center is minutes from the 900-acre South Texas Medical Center, USAA's corporate headquarters, and the vast majority of San Antonio's cor-porate presence. South Texas Medical Center attracts over 5 million outpatient and 100,000 inpatient visitors annually. The center is supported by a workforce of 650 physicians and 3,000 employees. The medical presence in the area trans-lates into an abundant opportunity for healthcare related leasing.
Offered for sale free and clear as a fee simple acquisition, the buildings vary in size but cater to the prevalent community of small and mid-sized office / med-ical tenants in the area. The portfolio offers a modern work environment amongst a tree-lined campus setting that was designed for a more relaxed, less dense atmosphere that offers a spacious and tranquil setting for businesses. Maintaining the balance of affordability, quality and connectivity, Brass Profes-sional Center is a desirable leasing environment in the greater San Antonio market. The one and two-story designs have shallow bay depths that are ideal for small tenant suites and appeal to the decision makers in the surrounding neighborhoods.
Available at a significant discount to replacement cost, the Brass Professional Center Portfolio offers investors a dynamic entry basis into the San Antonio market. With varying occupancy by building, the Property affords investors the opportunity to execute a value-add lift on a noteworthy assemblage of land. By systematically renovating and rebranding the ten building portfolio, potential buyers can unlock significant value while benefitting from an established cash flow stream.
Investment highlights
- Substantial in-place revenue ($4.7M) at 52% occupancy provides near term income, with a forecast / stabilized NOI of over $3.3M. This represents a significant value-add lift through leasing and market repositioning.
- Sticky rent roll of small tenants with near term WALT and outstanding mark to market enhancement opportunities.
- Appealing combination of low-rise and single story assets.
- Small building sizes that are ideal for user-buyers at premium values.
- Diversified rent roll with no major exposure to a single industry or tenant.
- Compelling basis and sizeable discount to replacement cost of approxi-mately $400/sf.
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