SAN ANTONIO, TEXAS (October 19, 2022) – Senior Vice President/Managing Director Bryan Leonard, of Northmarq’s San Antonio debt/equity team, arranged acquisition financing for Parkway Plaza. The 189,390 sq. ft. suburban single story office property (built in 1999-2002) is located at 814 Arion Parkway and adjacent to the San Antonio International Airport in San Antonio, Texas. The class A office park contains five one-story buildings. It was purchased by an affiliate of Houston based Fuller Realty Interests. Fuller continues to be very active in San Antonio with this being their third acquisition in 2022.
Single story office campuses are a favorable product type in the San Antonio market and are an excellent value proposition for tenants. Parkway Plaza benefits from its excellent location adjacent to the airport, multiple points of ingress/egress along with immediate access to US 281 and the recently completed Wurzbach Parkway, proximity to a VIA transit hub located nearby and more than 60 restaurants withing a 3-mile radius. The property features 9’ ceilings, custom finish-outs , flexible and efficient floorplans, a 5:1,000 parking ratio and extensive landscaping
The transaction was structured with a mostly interest only 5-year term. Northmarq secured the interim loan for the borrower through its relationship with a regional bank.
“The sponsor evaluated several competitive fixed and floating rate options presented by Northmarq and strategically selected a floating rate option to better align with their business plan and to preserve flexibility in the current environment,” noted Leonard. “Our relationship-oriented bank lender was able to provide a winning spread with an attractive interest only period to this repeat borrower.”