HOUSTON, June 5, 2017 – Rockspring Capital, a privately owned real estate investment firm based in Houston, today announced the acquisition of a 2.9-acre mixed-use tract in the heart of San Antonio. Bought in a joint venture with other Rockspring funds, the property is located downtown near the Alamodome and Riverwalk at the intersection of Cherry Street and César E. Chávez Blvd.
“This acquisition continues Rockspring’s strategy of investing in covered land plays, a product type that typically has leases that generate additional cash flow,” said Jim McAlister IV, President and CEO of Rockspring Capital. “This one in particular has multiple leases, which will provide a net positive cash flow for our funds until we eventually exit the deal at the opportune time.”
The site is conveniently positioned near San Antonio’s central business district and is accessible from multiple major highways. There were numerous sellers of individual tracts that Rockspring patiently aggregated and closed all together. The firm plans to exit the property in the next few years.