A major San Antonio shopping center has changed ownership. Park North Shopping Center, a sprawling 635,000-square-foot retail property, has been sold by Sterling Organization. According to the real estate company, the property changed hands in a $115 million transaction.
Park North Shopping Center in San Antonio Sold
Sterling Organization had first acquired the land in 2016 on behalf of Sterling Value Add Partners II for $81 million. Located at 842 Northwest Loop 410, the shopping center hosts Target on a ground lease.
It also has a blend of other local, regional, and national tenants. Some include Alamo Drafthouse Cinema, World Market, Dollar Tree, First Watch, Pinstack, and Norris Conference Centers.
Approximately 7.1 million visitors come to Park North Shopping Center annually. It ranks among the most heavily trafficked shopping centers in the San Antonio area, according to Sterling. Dhanani Private Equity Group has acquired the property, The San Antonio Express-News reported.
Strategic Insights from Sterling Organization
According to Sterling Organization, strategic operations and leasing efforts improved performance under the company and the occupancy at the property from 73% to 93%.
“Through active management and close collaboration with our tenants, particularly during the challenges of Covid-19, given the property’s many entertainment-focused tenants, we were able to materially improve the property’s financial performance and position it for long-term success as a valuable community asset,” said Bob Dake, Principal at Sterling Organization.
Sterling also thanked the transaction team and wished the new owner continued success.“Our investment in Park North Shopping Center reflects our commitment to identifying and improving well-located shopping centers in infill locations of major markets. We are gratified by the returns our team was able to provide to our fund-investor partners at Park North,” said Jordan Fried, Principal at Sterling Organization.
“We want to wish the new ownership group continued success with this asset and would like to thank Chris Gerard, Barry Brown, and the JLL team for their professionalism and dedication throughout this transaction,” Fried added.
With improved occupancy and diverse tenants, the property is set to grow as one of San Antonio’s most prominent retail destinations.
