CanAm 1604 LLC, a company affiliated with USAA Real Estate and Patrinely Group, recently bought 125.7 acres near Rolling Oaks Mall.
A company linked to USAA Real Estate and another Texas real estate firm has purchased about 125 acres of vacant land southeast of Rolling Oaks Mall on San Antonio’s Northeast Side.
CanAm 1604 LLC, a company affiliated with San Antonio-based USAA Real Estate, and Houston-based Patrinely Group bought the acreage this month from Babcock Road 165 Ltd., according to county property records and state corporate filings.
The land off of Loop 1604 borders single-family subdivisions, railroad tracks and an apartment complex. It’s next to 28.4 acres H-E-B acquired in 2010. The partners’ plans for the site — which the Bexar Appraisal District values at $9.6 million — haven’t been disclosed.
USAA Real Estate and Patrinely Group have previously partnered on office, multifamily and mixed-use developments.
Patrinely Group declined to comment and USAA Real Estate did not respond to an inquiry.
CanAm 1604 LLC is affiliated with CanAm Logistics REIT I, a real estate investment trust, deed records indicate.
CanAm Ontario LLC, a similarly-named venture involving USAA Real Estate and Newport Beach, Calif.,-based McDonald Property Group, plans to develop almost 200 vacant acres near Ontario International Airport in southern California for industrial uses.
Industrial property in San Antonio is currently at a premium. Vacancy in the industrial market fell to “an extraordinary low” of 3.5 percent in May, down from 5.9 percent a year earlier, according to NAI Partners.
Availability — which includes empty space as well as space available for sublease or soon to be vacated — was 7.9 percent last month, unchanged from May 2021.
The difference between the vacancy and availability rates is indicative of future move-outs, NAI Partners noted.
Net absorption — move-ins minus move-outs — rose to 7.1 million square feet from January to May. That was driven largely by Amazon’s facility on Cal Turner Drive on the East Side and Navistar International’s South Side manufacturing plant.
In another recent transaction near Rolling Oaks Mall, Santikos Enterprises sold nearly 30 acres at Loop 1604 and Green Mountain Road in early June to a partnership affiliated with Atlanta-based Wood Partners and Washington, D.C.-based Carlyle Group.
The buyers plan to build 366 apartments there, with construction slated to begin in the next few months.
Madison Iszler covers real estate, retail, economic development, and other business topics for the San Antonio Express-News.
Reach Madison at 210-250-3242, firstname.lastname@example.org and @madisoniszler.