MIMCO Picks Up Highway-Fronting Retail In City Base
El Paso-based MIMCO Inc. has picked up 200K SF of retail space in southeast San Antonio with the purchase of freeway-fronting City Base Landing in Brooks City-Base.
This will be the ninth retail property in MIMCO's San Antonio portfolio, its second property in southeast San Antonio and its second retail megaplaza. The company also owns a multi-building plaza off WW White Road in East San Antonio.
MIMCO purchased the 22-acre property, built in 2005, debt free. National and regional tenants include Best Buy, Office Depot, Chili's, Jo-Ann Fabric and Craft, Starbucks, Chick-fil-A, Mattress Firm, Cato and Anytime Fitness. HFF Dallas' Barry Brown, Jim Batjer, John Taylor, Matt McCarney and Josef Ctvrtlik marketed the property for the seller, a global real estate investment manager.
San Antonio designated the 1,300-acre Brooks City-Base a tax reinvestment zone, on a 25-year term, in 2004. Financial projections presented to council estimated the zone would put an additional $1B worth of value on the ground by 2027. As of 2015, 240 acres had been sold and another 281 acres were leased or used as green space.
Most recently, Johnny Hernandez's El Machito announced it would leave the Alamo Quarry Market and reopen in Brooks City-Base, according to the Express-News.