USAA Real Estate Co. and Cencor Realty Services JV Acquire Stake in San Antonio Retail Center
SAN ANTONIO, Oct. 22, 2013 /PRNewswire/ -- An affiliate of USAA Real Estate Company and a Cencor Realty Services' joint venture have acquired an investment stake in the H-E-B-anchored Culebra Market, a 232,126-square-foot grocery-anchored retail center in San Antonio, Texas. Cencor Realty Services is the property management and development affiliate of The Weitzman Group, which leases the center. Cencor developed the property and will continue to operate it under the new joint venture arrangement.
Culebra Market is 100-percent occupied and anchored by a recently-renovated, 81,027-square-foot (H-E-B) supermarket. Completed in phases from 2001 to 2008, the retail center is also home to a 55,000-square-foot Hobby Lobby store and boasts a roster of 29 tenants that include Chase Bank, Whataburger, Chili's, Office Depot, Party City and IHOP. Located 15 miles northwest of downtown San Antonio in one of city's fastest growing submarkets, the center is convenient to single-family and multi-family communities and area employers. Located at the corner of Culebra Road and Loop 1604, the property enjoys immediate driving access to these major traffic arteries, which connect the city's inner loop to the outer loop and beyond.
"This is an outstanding retail center enjoying an enviable tenant roster and exciting growth demographics," commented USAA Real Estate Co. President and CEO, Len O'Donnell. "We are very pleased to complement our portfolio with this excellent San Antonio retail asset."
About Cencor Realty Services
Cencor Realty Services offers property management, asset management and development services, primarily for retail properties. Cencor is one of the largest property management firms in Texas and one of the 25-largest such firms in the United States.
Cencor currently represents approximately 22 million square feet of retail space throughout Texas' major market areas of Austin, Dallas, Fort Worth, Houston and San Antonio.
About USAA Real Estate Company
USAA Real Estate Company, with approximately $12 billion in assets under management, provides co-investment, acquisition, build-to-suit and development services for corporate and institutional investors. The USAA portfolio consists of office, industrial, multi-family, retail and hotel properties as well as investments in real estate operating companies. USAA Real Estate Company is a subsidiary of USAA, a leading financial services company, serving military families since 1922. For more information, visit www.usrealco.com.
SOURCE USAA Real Estate Company