3239 N Loop 1604 W
55,381 SqFt
Marketing description
Cushman & Wakefield's Central Texas Private Capital Group Team is pleased to present to the market 3239 N Loop 1604 W, a 55,381 square foot, three-story office project in San Antonio’s top performing Northwest submarket. The newer construction project was delivered in 2022 and is fully leased to Cornerstone Home Lending, a division of Cornerstone Capital Bank, through January 31, 2027. The tenant plans to vacate upon expiration offering a rare full building user opportunity for a high quality, newer vintage asset. The project features exceptional visibility and convenient access from its’ location directly on Loop 1604 W and is less than five minutes from San Antonio’s premier entertainment and retail centers at The Rim & La Cantera. The offering provides an exceptional opportunity to acquire a newly built asset at a 45% discount to replacement cost.
Investment highlights
Fully leased to Cornerstone Home Lending, a division of Cornerstone Capital Bank, through January 31, 2027 who plans to vacate at the end of their lease term
High quality, newer vintage office asset offered at a 45% discount to replacement cost in a high barrier to entry submarket
In-place rental rate 13% below-market offering mark-to-market opportunity upon expiration for value-add investors
Existing lease offers contractual revenue to lower a buyer's basis and offers lead time for investor repositioning or a user's relocation
Building designed for multi-tenant use offering flexibility for future tenancy
Located in the dynamic Northwest San Antonio submarket, the largest and historically top performing office submarket which currently sits at a market leading 84% average occupancy
Northwest submarket is home to many of San Antonio’s top residential neighborhoods including the Dominion and Boerne
Less than five miles from The RIM and the Shops at La Cantera, which offer 3.3M square feet of world-class retail, dining, multifamily and hospitality options
Northwest San Antonio is a top choice for national corporate headquarters with USAA, Security Service Federal Credit Union, NuStar, WellMed and Valero’s headquarters all within five miles of the property
Less than five miles from the UTSA campus which enrolls 35,000 students in several top-rated educational programs offering tenants in the submarket exceptional access to an educated labor pool
Acclaimed South Texas Medical Center is also located in the Northwest submarket spanning 900 acres with 12 major hospitals, 45 clinics, 75 medically related institutions and one higher education institution (UT Health San Antonio)
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