Investment Overview

Marcus & Millichap is pleased to offer for sale, the multi-tenant property at 16675 Huebner Road (the "Property"). Built in 2007, the 21,226 square foot strip center offers tenants superb presence in San Antonio’s Northcentral submarket with access to affluent neighborhoods and well-trafficked corridors. Originally built by the owner with the intent of catering to tenants in the health and wellness sector, the Property offers flexibility to cater to health and wellness related tenants, as well as retail and service tenants. The Property consists of a total of four suites. The anchor suite is a little over 12,000 square feet with the remaining three suites ranging in size from 2,250 to 3,750 square feet with two of the suites already containing medical finish out suitable for any general medical or specialty use. Comparable market rental rates in the area for health and retail tenants range from $21.00 to $25.00 per square foot NNN. Because the Property is currently 100% vacant, ownership has elected to market the Property at $21.00 per square foot NNN with the intent of increasing the market rental rate as the suites become leased up, especially the anchor suite. The Northcentral submarket has a little over 22 million square feet of retail space with a vacancy rate of 3.9%, and an average asking rental rate of $23.72 per square foot. With only 12,000 square feet under construction, the Northcentral retail market is poised to remain exceptionally tight for the near and mid-term. Of the 8 comparable retail properties in the immediate area, average occupancy is currently running around 16% with an average rental rate over $22 NNN per square foot, and no new construction under way. Given the overall market dynamics, the retail occupancy for the competitive set should improve by years’ end. As for comparable health or medical related properties in the immediate area, all are either 2-3 story office or single-tenant standalone buildings. Given the owner’s original build concept for a health and wellness property in a strip center configuration, the Property offers buyers the opportunity to acquire a unique asset to compete in that space and stand out from the market.