SageView Partners recently acquired McAllister Plaza, a well-located office building near the airport in San Antonio. The property was previously owned by RBL Real Estate, who had initially chosen not to pay off the $15.3 million balance on its 2013 mortgage before it reached maturity in October. However, with the help of a special master and through negotiations with potential buyers, RBL was able to secure an extension and ultimately found SageView as a buyer for their distressed asset.
While the exact sales price has not been disclosed, sources report that McAllister Plaza has an assessed value of $28.5 million according to public records. JLL represented RBL Real Estate as they sold this 12-story office building which spans over 192,000 square feet and is currently 91% leased.
As more companies embrace remote work options for their employees and traditional office spaces face challenges from banks, investors and appraisers alike; SageView remains committed to investing in various commercial real estate assets including offices like McAllister Plaza throughout San Antonio.
