Monday , 26 September 2016
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Riverside Resources Buy San Antonio Office Project

Riverside Resources purchased the Highpoint Office project in San Antonio and will renovate it.

Riverside Resources purchased the Highpoint Office project in San Antonio and will renovate it.

SAN ANTONIO – Riverside Resources has purchased Highpoint Towers, two 11-story office towers totaling 301,118 square feet adjacent to the south Texas Medical Center in San Antonio.

HFF marketed the asset on behalf of the seller, DNA Partners.  The property was purchased Riverside, an Austin-based firm, for an undisclosed amount.

The deal removes the last remaining office asset from DNA’s holdings, leaving the Great Neck, N.Y.-based firm with a uniform portfolio of retail properties.

Highpoint Towers sits on a 13-acre site at 8401 and 8515 Datapoint Drive, which is accessible from three major highways:  Interstate 10, Loop 410 and Loop 1604.  The buildings are located in the northwest office submarket adjacent to the South Texas Medical Center, a 900-plus-acre campus with five medically-related institutions, 12 hospitals and one higher education institution.

Riverside plans extensive renovations to the project, including upgrading the lobbies, exterior aesthetics, elevators and bathrooms.

The HFF investment sales team representing the seller was led by managing director John Taylor, associate director Kelsey Roop and real estate analysts Patrick McCord and Ryan McBride.

“We are excited that, by selling the last office property in DNA Partner’s portfolio, it will provide them the opportunity to focus on continuing to grow an already well-established ‘pure’ retail portfolio,” Taylor said.  “In addition, this is a great opportunity for a new strong office operator to enter the San Antonio market and create significant new value on one of the largest office properties in the market.”

DNA Partners acquires and manages commercial properties in select markets with strong demographics and economic drivers.  Since its inception in 2002, DNA has purchased more than 1.3 million square feet.  DNA’s criterion includes high growth markets, below-market rents or expansion potential, strong sales, significant linear frontage for maximum visibility and reasonable potential for capital appreciation through management and leasing opportunities.

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