Walmart at Helotes Town Centre
Walmart’s newest San Antonio Supercenter opened this month at FM 78 and Foster Road on the city’s Northeast side. The store accounts for approximately new 300 jobs and offers a significant boost to the revitalization efforts in the area. The project calls for additional 30,000 square feet or so retail shop space to be constructed as demand dictates but construction is not expected to begin until some pre-leasing is achieved.
Just a few weeks ago, doors opened for business at the new 153,000-square-foot Walmart Supercenter at Bandera Road and Leslie Road in Helotes. The Supercenter anchors the Helotes Town Centre project. Construction is now underway on an additional 27,000 square feet of retail shop space. Joining the project, KFC and Taco Bell have purchased pad sites and Taco Bell is nearing completion.
In addition to several new Supercenters planned for the greater San Antonio area, the discount giant has also announced plans to open its first supermarket concept store here.
Click to read: Walmart prepares for grand opening of Foster Road store (San Antonio Business Journal, 4-29-13) and Walmart sets opening date for new Helotes store (San Antonio Business Journal, 4-8-13)
Property values in Bexar County are up, with commercial real estate posting some of the biggest increases. Overall, values in Bexar County — with about 648,000 properties — will rise about 5 percent.
Commercial properties will see the biggest spike, with about a 12 percent rise in values. Residential properties will see an approximately 2 percent bump. That means many property owners will pay more in taxes, which means local school districts and governments will collect more from ad valorem taxes.
Still, even though the real estate market is rebounding, a number of areas are still seeing foreclosures — a factor the appraisal district uses to set property values — while other communities go mostly unscathed.
The double-digit jump for the commercial market was an expected outcome as it continues its rebound. Apartment buildings are at the top of the sector with values increasing about 20 percent.
“There’s still a significant amount of challenge in the market, especially in some pockets,” said Kim Gatley, a vice president at commercial real estate firm NAI REOC San Antonio. “And definitely, property by property, there are issues that would mitigate the appraised increase. But overall, as the economy improves and leasing continues, the natural outcome is that it increases value.” …Read Entire Post
Baptist Emergency Hospital – Schertz
Baptist Emergency Hospital opened a new facility in Schertz — the first fully licensed hospital within the city limits. The 24-hour facility is located at 16977 I-35 North at the Schertz Parkway intersection.
The facility spans nearly 40,000 square feet and features eight inpatient rooms, seven emergency exam rooms and one triage room. The Schertz facility is the fifth such facility that Baptist Health System has opened in San Antonio since late 2011. …Read Entire Post
Montrose Market – Houston
Locally-based grocer H-E-B put an end to rumors spreading across the Stone Oak area, confirming its plans to open a one-of-a-kind store in Stone Oak at Hardy Oak and Wilderness Oak.
Area residents have speculated that the supermarket chain will open a smaller version of its upscale Central Market on Broadway, frequently called the “Gucci-B,” in their neighborhood. Officially, however, H-E-B has said only that it will open a unique store there, and that it will resemble two of its more expensive locations in Austin and Houston.
H-E-B’s decision follows a continuing population and housing boom in the northern part of the city. …Read Entire Post
655 Richland Hills Dr.
Locally-based eyewear company HVHC Inc. is investing $25 million to open a second area manufacturing plant. HVHC, headquartered downtown in the IBC Centre complex, reportedly signed a long-term lease in the Westpointe Business Park at 655 Richland Hills Drive (120,473 sf) near Highway 151 on the city’s Far West Side. The building was previously occupied by Dahill Industries which recently moved operations to Fountainhead Tower along the I-10 corridor. …Read Entire Post
Economic expansion and job growth will drive recovery as interest rates rise. Recovery in the housing market augers for continued improvement in U.S. commercial real estate over the next two years.
Despite challenges – including gradually rising interest rates and government spending cuts – the outlook for commercial real estate is positive. The U.S. economy is expected to grow by 1.9% in 2013 and accelerate to 2.8% in 2014. This growth will spur the creation of 4.8 million jobs over the next two years. As job growth accelerates, so too will demand for commercial real estate, leading to continued improvement in vacancy rates. …Read Entire Post
Cap rates for the single tenant net leased market remained near historic lows for retail, office and industrial sectors in the first quarter of 2013. Cap rates for net lease office and industrial properties declined while retail cap rates remained at 2012 fourth quarter levels.
Regardless of the decline in cap rates for office and industrial properties, net lease retail properties remain priced at a 45 and 77 basis point premium over office and industrial properties respectively. Properties occupied by credit tenants with long term leases experienced the greatest compression in the first quarter of 2013. …Read Entire Post
San Antonio’s downtown office market is a work in progress, and it’s struggling. The center city’s dated buildings, limited parking and the short line-up of major employers have softened the market to a point it hasn’t seen since the early 1990s, just before Southwestern Bell moved from St. Louis, to downtown San Antonio. …Read Entire Post
CHRISTUS Santa Rosa Westover Hills campus
The CHRISTUS Santa Rosa Hospital complex, located at 11212 State Highway 151 in Westover Hills on the city’s Far West Side, is growing. Construction is underway on Medical Plaza III (70,000 sf) – the three-story, free-standing medical office building is the third on the Westover Hills campus.
The decision by CHRISTUS to convert its former City Centre home to Children’s Hospital of San Antonio has prompted the relocation of CHRISTUS Santa Rosa Family Health Center which will occupy the third floor of the new building. …Read Entire Post