San Antonio's New Spec Office
Before the end of the year, Northwest San Antonio's newest spec office project will be in the ground. Stream Realty VPs Carolyn Hinchey Shaw and Ryan Harrison tell us the firm bought 17 acres on Loop 1604 near I-10, where it will build a 127k SF Class-A mid-rise building known as Lockhill Crossing. Carolyn says it will be the first spec development of its size built in the Northwest submarket since 2008, even though it's San Antone's strongest growth area. (There's lots of development around here, including two new hospitals and lots of executive housing.)
The team eyed 50 sites around the metro (mostly near 1604/I-10 and 183/Wurzbach) before choosing this one. They liked the access options; tenants can even bypass highways entirely by entering from Lockhill Selma. (But who would deny themselves that joy?) Stream is building Lockhill Crossing on six acres, leaving three acres for future development (Ryan says it could be a second phase—a great option for a tenant who wants room for expansion--or Stream could sell to an office or hotel developer) and eight acres of permanent greenbelt with walking trails.
The building will be pushed back from 1604 but will be visible from it and have a monument at the entry, which Carolyn says is a rare visibility/signage opportunity for 1604. (It's a great place to wish someone a happy birthday or, in a pinch, ask someone to marry you.) The duo tells us the project is already 20% pre-leased (including LOIs) and has a couple of other prospects in hand. It benefits from a dearth of availabilities—there are only three other Class-A office options in the area. Lockhill Crossing will deliver in Q4 '14. Chesney Morales & Associates is the architect and Pape Dawson is the civil engineer.