World Class Capital Group can cross one thing off its shopping list: the 141k SF Culebra Crossing in San Antonio. The challenge is fitting it under the tree. We asked SVP Sheena Paul for the rest of their wish list.Â
This deal was a great buy for WCCG because of the few retail properties available in San Antonio, Sheena says. (Finding a good retail property is even more difficult than trying to find things inside those retail properties when Chirstmas shopping.) The off-market deal resulted from relationships cultivated by WCCG, Sheena says. The 93% occupied shopping center is on Culebra Road, two miles north of Loop 410 in Northwest San Antonio (the area's major source of retail activity), and includes vacant pad sites for future development. Sheena says WCCG will increase operational efficiencies at the property and make some capital improvements.
Culebra Crossing was the fifth retail center purchase by WCCG this year. It also bought the 100k SF Galleria Oaks and the 42k SF Crestview Crossing in Austin, Sheena tells us. The firm looks for value-add and opportunistic deals. WCCG plans to invest about $400M to $500M for acquisitions and development projects in 2014. She says that WCCG's biggest advantage is the company's flexibility and capacity to acquire and operate in any asset class, opening up a larger variety of acquisitions, including secondary and tertiary markets. Though the firm typically holds properties for about seven years, Sheena says they're open to timelines changing and ref opportunities depending upon the markets. For Christmas, the entire Paul family will be around the tree in Austin.
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