NY-Based Firm Plans Additional Acquisitions of Value-Add Commercial and Multifamily Assets Across the Sun Belt States
NEW YORK – RockFarmer Properties, a privately owned, fully integrated vertical development and investment firm based in New York City, is pleased to announce its purchase of 6901 San Pedro Avenue, a 14,850-square-foot retail property located in San Antonio, TX for $6,400,000.
RockFarmer Properties purchased the single-box retail property from Corporate Partners Capital Group. Woodforest National Bank provided RockFarmer with a five-year, $3,904,000 loan with two years of interest-only financing. Despite the challenges of the current pandemic, RockFarmer was able to complete the transaction in just 40 days; the purchase closed on August 28, 2020.
6901 San Pedro Avenue is currently occupied by a Walgreens, which recently signed a new 15-year triple-net lease for the space with no landlord obligations; the asking price was $6.615M. In addition, the tenant has 12, five-year options to renew with rare five percent increases every five years and at each option period. The property is well-situated along a major commercial retail thoroughfare boasting more than 32,000 vehicles per day and numerous national retailers including Macy’s, H-E-B, Big Lots, Cicis, Pier 1 and more.
“San Antonio is a market RockFarmer is really excited about as we continue to search for value-add commercial and multifamily assets across the Sun Belt states,” said Brian Getzler, Vice President of Acquisitions of RockFarmer Properties. “6901 San Pedro Avenue is centrally located along one of the area’s most highly trafficked retail corridors. Paired with a strong, national tenant like Walgreen’s was icing on the cake.”
Jason Maier, senior director of Stan Johnson Company, represented RockFarmer Properties in the transaction; Kase Abusharkh, founding principal, and Jacob Abusharkh, managing principal of The Kase Group, represented the seller.