March 12, 2020 – Entrada Partners has added to its 1.2-million-square-foot real estate portfolio in San Antonio with the acquisition of Travis Park Plaza, a 151,736 square-foot Class A office building and a six-story garage for an undisclosed price.
Built in 1970 and later renovated in 2001 and 2019, the seven-story, granite-clad building and adjacent six-story parking garage takes up nearly a full city block at 711 Navarro Street in the heart of the central business district. Travis Park Plaza’s irreplaceable location, market-best parking ratio of 5.4/1,000 and 19,000-square-foot floor plates were compelling factors for Entrada, according to co-founder and partner Joshua Bar-Yadin who heads the firm’s San Antonio office.
“San Antonio’s low costs of living and doing business has resulted in extremely strong job growth over the past five years,” said Bar-Yadin. “Vacancies in downtown are the lowest they have been since 2007 and continue to tighten driven by large corporate expansions and relocations. This was a rare opportunity to acquire one of the only office buildings in downtown San Antonio that can accommodate tenants with high employee counts.”
Entrada plans to leverage the successful lease up and operation of its nearby 172,000 square-foot One Alamo Center to implement its value-add strategy for Travis Park Plaza. With the seller having recently completed significant base improvements to the building, Entrada will undertake a multimillion-dollar renovation that will focus on the building’s aesthetic, amenities, and tenant functionality.
Travis Park Plaza was 82 percent leased at closing. Tenants include Conviva Care Solutions, Kairoi and Tetra Tech. On the ground floor fronting the 2.6-acre Travis Park is Lola Coffee Bar, a newly opened coffee shop with live entertainment. Forthcoming is an interactive art gallery with an indoor/outdoor bar operated by Hopscotch.
Entrada hired Transwestern’s Larry Mendez and Brad Kaufman to lease the property. Transwestern will also serve as the property manager.
Todd Mills, Carrie Caesar and Hunter Mills of Cushman and Wakefield represented the seller, and De’On Collins of JLL arranged the financing for the buyer.