JLL Capital Markets closes sale of the 46,704-square-foot, high-performing South Bank retail asset on San Antonio River Walk to a former owner.

 

 Erin Lazarus 

DALLAS, TX – JLL Capital Markets  has closed the sale of South Bank, a 46,704-square-foot, high-performing retail asset located on the world-renowned San Antonio River Walk, the top tourism attraction in the state of Texas.

 

The price was not disclosed.

 

JLL marketed the property on behalf of the seller, and Fifth Corner acquired the asset. Fifth Corner’s predecessor, AMREIT, formerly owned this property from 2005 to 2015.

Megan Babovec

The JLL Retail Capital Markets Investment Sales and Advisory team that represented the seller was led by Senior Managing Directors Chris Gerard, Ryan West and Barry Brown and Associate Erin Lazarus and Megan Babovec.

 

“After more than a decade of operating experience with South Bank on the San Antonio River Walk, we will maximize the value of this Irreplaceable Corner™ and make this stalwart even better,” said Tenel Tayar, Co-Founder and Managing Partner at Fifth Corner.

Tenel Tayar

 “Our predecessor to Fifth Corner, AmREIT, acquired the property in 2005 and owned and operated it until the company sold in 2015. South Bank embodies the characteristics of an Irreplaceable Corner^TM with its extremely high barriers to entry, strong tenant demand, and connection to the community. 

Chris Gerard

"We are thrilled to own South Bank again and look forward to implementing our Fifth Corner initiatives.”

 

This trade is significant as only one River Walk retail asset transaction has occurred over the last five years, and only six individual retail assets have traded since 2005.

 

Featuring a strong mix of food and beverage and local and national retailers, the property caters to the over 11 million visitors to the River Walk annually. 

 

 South Bank generates total commerce of over $22 million, the center is 100% occupied and boasts an average tenant tenure of 20.1 years.

Ryan West

Original tenants include Hard Rock Café, The County Line Bar-B-Q, Paesanos, Cowboy’s Alamo City Harley-Davidson, Ben & Jerry’s and Howl at the Moon.

 

Recent additions include Merkaba, a live-music sister concept to Howl at the Moon, and Fat Tuesday, which has returned to its original South Bank location after 17 years.

 

Situated at 111 W Crockett St., South Bank is set within a highly coveted retail micro-market. The tenants have access to a San Antonio’s large population of 2.6 million, as well as the approximately 37 million tourists that visit the city annually.

 

Additionally, the location of the asset benefits from the 16,877 total hotel rooms within a five-mile radius.

South Bank is also supported by incredibly strong fundamentals driven by high retailer demand and development restrictions established by the RIO-3 zoning that was implemented in 2002 to protect, preserve and enhance the San Antonio River.

 

Barry Brown

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. 

The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.

 

For more news, videos and research resources on JLL, please visit our newsroom.

 

Contact:

 

Jenna Sharp

JLL, Public Relations

Dallas, Texas

M +1 214 394 3356

Jenna.Sharp@jll.com

 

BLT Enterprises appoints Robert Solomon president

Robert (Rob) Solomon

 SANTA MONICA, CA – BLT Enterprises, a multi-faceted real estate investment company with a track record of success, has announced the appointment of Robert (Rob) Solomon to President as part of its strategic growth and evolution of its legacy.

 According to Dan Rosenthal, Co-Founder of BLT Enterprises, Rob has been a consistently strong leader who has stepped up to assume many new responsibilities since the passing of BLT’s Co-Founder and President, Bernie Huberman, in July of 2021.

 

Dan Rosenthal

“Serving as Chief Development and Legal Officer at BLT since 2009, Rob continues to be a driving force as we navigate this new chapter,” explains Rosenthal.

 “This promotion is well deserved. Rob’s devotion and integrity have gained him unrivaled respect among his colleagues, while his professional prowess directly aligns with our mission.

 As a firm, we are thrilled to have Rob leading the company and we look forward to his continued success for many years to come.”

Bernie Huberman

With over 30 years of experience as a commercial real estate law and transactional attorney, Solomon’s expertise encompasses nearly all aspects of acquisitions, dispositions, lease negotiations, financing, and development.

 Rosenthal adds that the Bernie Huberman’s legacy also lives on in two of his children who serve as growing leaders within the firm—Nikolette Huberman Jacob, Manager of Real Estate Investment & Director of Corporate Philanthropy, and Lukas Huberman, Director of Acquisitions, who have both been promoted to Vice President within the company.

 

Nikolette Huberman Jacob

“We hold great value in the passionate leadership and experience of all our team members, who play an essential role as we uphold the pillars on which BLT was built,” says Rosenthal.

 “As our firm has embarked on these new leadership roles, the results have been remarkable. We have developed a proficient team led by incomparable industry experts, with a successful track record to prove it.”

 

Lukas Huberman

Solomon continues: “Founded by Bernie and Dan in 1984, our firm was built through teamwork and measured, strategic growth.

 "The most powerful lesson I have learned through my time at BLT is that the success of a company stems from its culture and its people. 

"To this day, that principle drives everything we do, resulting in our solid financial position and reputation as a trusted buyer, seller, owner, and operator.”

 

Contacts:

 

Hanna Kokuashvili/Elisabeth Manville

The Smart Agency, Inc.

(949) 438-6262

hkokuashvili@thesmartagency.com

 

Ware Malcomb promotes Lynne Orlowski to Director, Interior Architecture & Design in Phoenix, Az office

 Lynne Orlowski

 

PHOENIX, AZ – Ware Malcomb, an award-winning international design firm, announced that Lynne Orlowski has been promoted to Director, Interior Architecture & Design in the firm’s Phoenix office.

 In the role, Orlowski is responsible for leadership and continued growth of the Interiors Studio in the region.

Orlowski has more than 10 years of in-depth design industry experience, including leadership of the Phoenix Interior Architecture & Design Studio, overall design implementation and client management.

She has successfully managed a wide variety of interior project types including office, healthcare, and industrial.

 Douglas Gullo

“Lynne’s keen eye, attention to detail and commitment to the team make her a valuable leader,” said Douglas Gullo, Regional Director, Ware Malcomb.

 “Her dedication and design excellence have not only impressed clients, brokers and team members in the region but helped her secure multiple design awards. She exemplifies the Ware Malcomb culture with a collaborative spirit and energetic approach, and we are pleased to promote her to Director.”

Orlowski joined Ware Malcomb as a Designer in 2015 and moved into Project Manager and Studio Manager roles before being promoted to Director.

Throughout her career, she has built, trained and mentored the Interior Architecture & Design team. Orlowski holds a Bachelor of Science in Design, Interior Design, from Arizona State University and a National Council for Interior Design Qualification.

Ware Malcomb’s Interior Architecture & Design Studio creates design solutions to transform interior environments into market relevant, contemporary spaces.

 

CONTACT

 Rachel Devany

VP Public Relations

 KCOMM for Ware Malcomb

rachel@kcomm.com

 

Maria Rodgers, Director, PR & Communications, 949.660.9128,

 mrodgers@waremalcomb.com

 

Maureen Bissonnette, Principal, Marketing, 949.660.9128,

 mbissonnette@waremalcomb.com

 

waremalcomb.com

2023 may be a year of tremendous opportunities, notes The Real Estate Capital Institute®

 

John Oharenko 

 CHICAGO, IL  – The Real Estate Capital Institute® notes last year shocked the real estate capital markets based on unforeseen global events.  

 As the Covid pandemic subsided, the unprovoked Russian invasion of Ukraine created chaos in worldwide energy and food markets.

  As a result, inflation reached generational highs, forcing the Fed to more than double interest rates. 

The new year brings more uncertainty.  Recessionary conditions dampen investors' appetites for aggressively buying commercial real estate assets. 

 

 For the most part, too wide of a gap exists between buyers' and sellers' expectations, as debt pricing uncertainly limits demand for new acquisitions. 

 

 Yet despite this uncertain outlook, 2023 may be a year of tremendous opportunities, including:

 Manufacturing Miracles:  Too much reliance on overseas products, control over sensitive technologies,  and erratic supply chain issues helped spark the revival of domestic manufacturing.  Today’s automated assembly processes rely more on a local skilled workforce vs. lower-cost foreign labor – partially negating the cost savings of non-American production.  Expect more industrial and manufacturing facilities to be built in the foreseeable future and strong investor demand for this asset class.

 

Bed Buys:  Apartments, student housing, selective lodging, and other properties with beds remain financial strongholds.  Post-pandemic travel demand, supply shortages of affordable housing, and costly mortgages help boost prospects for these sectors’ continued strong financial performance.

 Retail Revival:  Even as e-commerce enjoys tremendous success, more shoppers return to the malls for recreational and fashion merchandise.  Furthermore, necessary visits for food and personal care services offered by neighborhood centers remain vital, especially in densely populated areas.  Lastly, outdated retail centers remain strong targets for repurposing into alternative uses, including healthcare, residential redevelopment, and surplus parking. 

 

Calmer Capital Markets:   The narrowing yield curve inversion and other key financial market indicators indicate recessionary conditions are easing.  Despite higher short-term borrowing rates, long-term investors seem to be betting on tamed inflation, as the Fed's actions demonstrate a strong resolve to control inflationary pressures.   Thus, mortgage rates should stay controlled, helping realty investors and stabilizing the housing market.

White Swan:  Just as unforeseen "black swan" events create negative unpredictable capital market conditions (e.g., COVID), some predictable "white swan" events may create positive conditions to bolster real estate investing (e.g., an early end to the war in Ukraine makes lower interest rates). 

 

The Real Estate Capital Institute's® director, John Oharenko, predicts, "While many investors worry about Fed actions and domestic/global issues influencing realty transactions, astute players seek mispriced assets based on expecting more favorable conditions for 2023."

 

# # #

The Real Estate Capital Institute® is a volunteer-based research organization that tracks realty rates data for debt and equity yields.  The Institute posts daily and historical benchmark rates, including treasuries, bank prime, and LIBOR.  

 

^CONTACT:

John Oharenko 

Executive Director

john.oharenko@reci.com

director@reci.com / www.reci.com

^The   Real Estate Capital Institute^®

Chicago, IL USA 60622