In April, we partially exited a land parcel in Northwest San Antonio to CST Brands Inc, which plans to build a Corner Store on the tract.
Some of the highlights include:
- Total 10.58 acres acquired in May 2015 for $1,300,000.
- Partial exit of 4.71 acres was sold in April 2016 for $1,400,000. Yes, less than 1/2 of the property sold for more than the total acquisition price in less than one year.
- Approximately $840,000 of sale proceeds were set aside in an escrow to make infrastructure improvements on remaining 2 pad sites, which will further increase value/prepare sites for sale.