Houston-based Braun Enterprises has ventured into San Antonio with the acquisition of 84 NE Loop 410, also known as the Century Building.
The four-story, 187,000-square-foot building sits on 10 acres at Loop 410 at U.S. 281. Additional retail space and parking could be added to accommodate restaurants and stores, the company said.
Inside the building, Braun's redevelopment plans include creating 25,000 square feet of collaborative office space for lease to small- and mid-sized tenants. The common areas will also be updated.
The retail additions, still in the design phase, consist of a 15,000-square-foot building and a 7,400-square-foot restaurant building plus parking.
The seller was Gemini Rosemont. HFF's John Taylor and Kelsey Roop brokered the sale.
Boxer Property, also based in Houston, has been hired to handle office leasing. The building is close to more than 5 million square feet of retail, restaurants and hotels in the north central San Antonio submarket, according to Braun.
Braun, which handles ground-up development, redevelopment, and repositioning of well-located real estate throughout Texas, has redeveloped a number of urban Houston buildings with new restaurants and neighborhood shops.
The deal represents Braun's first purchase outside of the Houston market in a while. Braun has owned about 650,000 square feet of office outside of Houston in the past, according to leasing director Zach Wolf.
The company is currently targeting investments in San Antonio and Austin, Wolf said.
Since 2010, Braun has acquired and developed over 80 retail, office and industrial projects worth over $400 million.
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