SITE Centers Sells San Antonio Retail Center

Terrell Plaza underwent a cosmetic renovation in 2012. Image courtesy of JLL Capital Markets

Property Commerce Divided Fund has purchased Terrell Plaza, a 107,884-square-foot retail center in San Antonio. SITE Centers Corp. sold the asset with the assistance of JLL. The property previously traded in 2007 for nearly $16.9 million, according to CommercialEdge data.

Anchored by Target, the retail center was 96 percent leased at the time of the current sale. The tenant roster includes Ross Dress for Less, Petco, Dollar Tree, Five Below, Popshelf, Sherwin Williams, Orange Leaf and Sports Clips, along with Whataburger and Valero as outparcels.

Managing Directors Ryan West and Chris Gerard, Senior Director John Indelli, Associate Whitney Snell and Analysts Ryan Olive and Clay Anderson led the JLL Retail Capital Market team working on behalf of the seller. In May, another JLL team represented SITE in the sale of a 90,945-square-foot retail center in Woodland Park, N.J.

Part of a robust retail market

Completed in 1986 and renovated in 2012, the shopping center occupies a 9.5-acre site at 1235 Austin Highway in East San Antonio. Terrel Plaza is near affluent neighborhoods such as Alamo Heights and Terrel Hills, serving households with the average income of $110,716 and a population of approximately 90,128 within a 3-mile radius. The property is adjacent to Fort Sam Houston, a U.S. army base which employs more than 27,000 people.

The San Antonio retail market witnessed a robust 2023 second quarter, the ninth consecutive quarter of positive net demand, according to a CBRE report. The vacancy rate clocked in at 4.1 percent, showing a minor 10-basis-point improvement over the quarter. Meanwhile, more than 783,000 square feet were in the pipeline as of June.