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.
The tract sits in a rapidly growing area of the Alamo City, the Westover Hills neighborhood. Significant residential, commercial, and business facilities can be found around the land, and the city’s downtown is only seven miles away. We’re expecting the remaining parcels to be prepared and sold off to developers in 2017.
Rockspring owns another property in this booming neighborhood – a 7.6-acre property off of Rogers Rd near Mt. Evans acquired in 2014.
This sale is a great example of Rockspring’s strategy to acquire diverse portfolio options that can be sold off in partial exits to the highest and best user. We look forward to even more exciting sale updates in the near future.