The asset was Triten's first industrial project in the market.
Triten Real Estate has completed Connection Park Logistics Center, a 490,083-square-foot, Class A distribution center in San Antonio. The developer sold the newly constructed asset to Capstar Real Estate Advisors, according to Bexar County public records. The same source reveals that Prime Finance provided a $34.1 million acquisition loan. JLL brokered the sale on behalf of both parties.
The cross-dock industrial asset is at 6851 Cal Turner Drive and includes 36-foot clear heights, ESFR sprinkler systems, a 3,000-square-foot office component, 84 dock doors, four ramped doors, 253 vehicle parking spots, 95 trailer parking spots and an additional 3-acre area for storage and trailer parking.
The 32-acre Connection Park Logistics Center is close to Interstate 10, 11 miles from downtown San Antonio and within 15 miles of San Antonio International Airport. Nearby large industrial users include Amazon’s 4 million-square-foot fulfillment center, Tesla’s 440,000-square-foot manufacturing facility and Dollar General’s 1 million-square-foot distribution center.
Recent projects in San Antonio
JLL’s team representing Triten Real Estate included Senior Managing Director Trent Agnew, Director Josh Villarreal, Senior Director Charlie Strauss and Analyst Greer Shetler, while the buyer was represented by Director Jarrod McCabe and Analyst Blake Jones.
According to a JLL report, the San Antonio industrial market saw year-to-date absorption reach 1.5 million square feet as of June. Meanwhile, the same source shows that completions during this period totaled 3.4 million square feet, while an additional 6.1 million square feet were under construction.
In August, Ackerman & Co. commenced construction on a two-building industrial project in the metro. Corporate Drive Industrial Complex is planned to comprise 511,000 square feet of Class A space and is scheduled for delivery in 2024.
Another large project was initiated by Koontz Corp. earlier this year—the developer purchased 188 acres and plans to develop Frontera Logistics Supersite, a 2.8 million-square-foot, eight-building campus.