SageView Partners has recently acquired McAllister Plaza, an office building located near the airport in San Antonio. The property was previously owned by RBL Real Estate, who had initially chosen not to pay off the remaining $15.3 million balance on their 2013 mortgage before its maturity date in October. However, after pleading for an extension with a special master and finding a buyer, SageView was able to acquire the property.
Although the exact sales price remains undisclosed, it is reported that McAllister Plaza has an assessed value of $28.5 million according to the San Antonio Business Journal. JLL represented RBL Real Estate as they sold this 12-story building spanning over 192,000 square feet with a current occupancy rate of 91%.
As office properties continue to face challenges due to changing work preferences and market conditions, SageView remains focused on investing in various assets including offices like McAllister Plaza around San Antonio.
The article “Distressed SA Office Property Picked by SageView” originally appeared on Connect CRE.
