Petroleum Towers is one of the most prominent assets in the booming North Central submarket. The property was 66% occupied at acquisition, while comparable properties are at 95%. The location is extremely convenient to two major freeways and just five minutes from the San Antonio International Airport. The asset has a parking ratio of 3.8 to 1,000 square feet, giving it a distinct competitive advantage in the submarket. Capital expenditures are estimated to be $2.23M, which include elevator, HVAC, exterior, and common area interior upgrades. The average rent per square foot was $16 at acquisition while competitors are averaging $22 to $25 per square foot. The asset is occupied by two anchor tenants: the Internal Revenue Service (IRS) and the Alamo Area Council of Governments (AACOG).
San Antonio, TX
Petroleum Towers is a Class B asset with two buildings totaling 229,760 square feet of leasable space. The property is strategically located on the northeast loop of Interstate 410, just minutes from the San Antonio International Airport. The asset offers quick and convenient access to all parts of the city. The property overlooks the airport and has outstanding visibility and access to Loop 410 and US Highway 281.