Distressed SA Office Property Picked by SageView

Distressed SA Office Property Picked by SageView

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SageView Partners acquired McAllister Plaza, an office building near the airport in San Antonio. The owner, RBL Real Estate had originally decided to not pay off the $15.3 million balance on its 2013 mortgage before it reached maturity in October. RBL pleaded for an extension with a special master and found a buyer. While the sales prices was not disclosed, the San Antonio Business Journal reports the property has an assessed value of $28.5 million. JLL — a tenant in the 12-story, 192,000-square-foot building — represented the seller. The building is 91% leased.

Over the next few years, office properties are facing a wave of maturities as the asset class continues to remain out of favor with banks, investors, appraisers and — perhaps most importantly — workers who appreciate working from home more and more.

SageView, an investor focused on office, retail and industrial assets, owns a number of properties around San Antonio.

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