Oct 5, 2016
Sold for $81M: Park North Mall
SAN ANTONIO - Sterling Organization—a Florida investment firm—bought the 45.6-acre Park North shopping center for $81 million, beginning a new era for the high-profile retail spot.The purchase ranks as one of...
SAN ANTONIO - Sterling Organization—a Florida investment firm—bought the 45.6-acre Park North shopping center for $81 million, beginning a new era for the high-profile retail spot.
The purchase ranks as one of San Antonio’s largest retail property transactions so far this year.
The 17 retail buildings in Park North include tenants such as World Market, Chipotle Mexican Grill, Payless ShoeSource and Twin Peaks. Sterling’s purchase does not include the Aloft hotel on Blanco Rd. or the Sears on San Pedro Ave.
Park North is underperforming, said Brian Kosoy, Sterling’s managing principal, president and CEO.
Its 635,000 sf of space is only 73 percent leased, while the surrounding area is at 99 percent.
Sterling plans to make improvements to the parking lots and to improve signage to create more visibility for businesses.
The principals at Sterling Organization also own the Grandview Shopping Center on the North Side.
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