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Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

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Property Description

Jones Lang LaSalle (“JLL”), as exclusive advisor, is pleased to offer the opportunity to purchase Crosswinds Building A (the “Property”), a 104,265 SF single-story, flex office building located at 11603 Crosswinds Way in San Antonio, Texas. Located along Wurzbach Parkway and adjacent to IH-35, the Property is positioned in the heart of the booming Austin-San Antonio Corridor, one of the fastest growing regions in the United States. 100% occupied, Crosswinds A presents investors with the rare opportunity to acquire a strong cash flowing, stabilized flex office/industrial asset with long-term value appreciation in one of San Antonio’s most prolific growth corridors along IH-35.

Investment Highlights

Strong In-Place Cash Flow with a Diversified Tenant Base

-         Fully leased at 100%, Crosswinds A presents a diverse tenant composition of regional and national tenants in various industries such as medical testing, customer service, and telecommunications

-         Featuring a WALT of 4.3 years, average in-place rents of $14.18 per square foot NNN are approximately 20% below the average market rates ($17.86 PSF) of the competitive set, providing investors a significant mark-to-market opportunity 

Mission-Critical Tenancy

-         All 3 tenants in Crosswinds A support mission-critical objectives which has resulted in continued physical occupancy of the Building, even through the COVID-19 pandemic, which presents a relatively low risk to potential investors of any tenant “going dark” in the building

-         The only vacancy that has occurred over the past 10 years was immediately filled by StarTek USA, who outbid another potential tenant in a bidding war to claim the space, and took the space “as-is” with no tenant improvement contribution

-         Due to tenant investment and critical use of the space, there is an extremely high renewal likelihood as well as the opportunity to significantly increase rental rates upon renewal 

Highly Accessible, Industrious Northeast Location

-         Superior visibility and access from IH-35 with quick connectivity to Loop 410 or 1604, two of the major thoroughfares through the City, providing easy access to major economic drivers including the San Antonio International Airport, North Star Mall, Alamo Quarry Market, Pearl and Downtown

-         Tenants and visitors of Crosswinds A alike enjoy convenient travel times to popular residential areas such as Castle Hills, Hill Country Village, Live Oak, and Alamo Heights

-         Historically known as the workforce housing area of the City sustained by below average demographics, the submarket has become more robust with the influx of employers like Rackspace and industrial users that have relocated to the submarket and have contributed to substantially improved demographics

Efficient, Open Flex Office Layout

-         Crosswinds A features unique, flexible space with grade/dock doors that can be outfitted to a number of uses such as warehouse/distribution, lab space/research and development, or creative office

-         As one of the few Class A flex properties along the IH-35 Corridor, Crosswinds A has few rival properties and has sustained high historical occupancy

-         Above average parking (4.6:1,000 SF) coupled with 24/7 access and HVAC controls supports mission-critical tenants and high-density users that may utilize the building outside of working hours, and is preferred by many tenants since the advent of Covid-19

Strong Northeast Office Market

-         Average occupancy rates across the Northeast office submarket are currently 90% despite approximately 209,222 square feet of office product being delivered to the submarket during the last two years

-         Since 2010, NNN rental rates in this submarket have increased nearly 17% from $17.97 PSF to $21.00 PSF today which represents a 28% discount to the overall average market rate of $26.82 PSF

-         With many tenants looking for more affordable rents outside of the CBD, the Northeast submarket has attracted and retained many of them, maintaining a historical positive average absorption over the past two years

Last Updated Date: 24 Feb 2021
John Taylor
John Taylor
Managing Director, Capital Markets
License details
TX-466052
Jeremy Womack
Jeremy Womack
Senior Managing Director, Phoenix Office Head

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Last Updated Date: 24 Feb 2021

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