TRC Buys Vacant Big Box
The Retail Connection (aka TRC... not a sequel to The French Connection) purchased the former Target building in The Concourse shopping center at Highways 410 and 281, its first acquisition in San Antonio. VP Chad Bradshaw tells us his firm is a value-add buyer that likes deals with hair. This asset is large, deep, a little old (built in 95), and had title encumbrances on it that restricted the use to retail. A few other groups had tried to buy it and failed, but Chad says TRC was intrigued when tenants from TRCs other assets expressed interest in operating there. Another draw to the building: Its a great infill site between The Quarry and Northstar Mall.
This is what you draw on pics when there are no people to draw mustaches on. TRC will redevelop the property into three or four junior anchors ranging from about 20k to 50k SF. Chad tells us hes had surprisingly strong interest from retailers and will fill the center with national credit brands. Hes finalizing the lineup now, and we can expect construction to launch 90 days after the leases are signed, with tenants opening in Q3 and Q4. Chad says the firm is looking at other acquisitions and ground-up development in San Antonio and Austin. (But Austin is a little tricky; competition is driving prices too high.)