San Antonio: former HEB-anchored center brings $16 million

SAN ANTONIO – ALTO Real Estate Fund has bought a 100,000-sf shopping center formerly anchored by HEB in North Central San Antonio for $16 million from a private investor.

The center, which was bought with Dallas-based TCP Realty Services, was anchored by HEB until the grocer vacated its 66,000-sf space in 2008. The shopping center is at the intersection of Huebner Rd. and Northwest Military Dr.

HEB was the former owner of the center and had since been subleasing one-third of the store to fitness center chain Planet Fitness until 2025. The remainder of the formerly ground-leased portion of the center has since remained vacant.

Peter Auerbach, ALTO’s chief investment officer, said "We’ve bought out H-E-B’s space and now control it. We won’t be able to put a grocery store in because of restrictions HEB included in the sale, but there’s a lot of pent-up demand from the space sitting unleased. A flood of leasing activity has been coming in since that opened up."

TCP’s portfolio also includes the West Side’s Las Palmas Shopping Center, coincidentally anchored by an HEB.