An Alamo Heights shopping center has been acquired after nearly 100 years of family ownership.<\/p>\n
Local real estate firm Headwall Investments<\/a> and Houston-based Fifth Corner<\/a> purchased the Stewart Center at 5108 Broadway on March 24. The 53,000-square-foot retail center had been in the Stewart family since it was built in 1935.<\/p>\n This is the second acquisition in Alamo Heights within three months by a joint venture of Headwall and Fifth Corner. The firms acquired Sunset Ridge Shopping Center<\/a>, located 1.2 miles up Broadway from the Stewart Center, in December.<\/p>\n \u201cWe were already focused on properties in the Alamo Heights area, and Sunset Ridge brought us up to speed on the market,\u201d Headwall CEO George Wommack said. \u201cStewart Center is one that has been on my radar for many, many years. It\u2019s in one of the best locations in all of Alamo Heights.\u201d<\/p>\n Wommack could not disclose the acquisition price, but the center and its parking lot are valued at $6.5 million, according to the Bexar Appraisal District.<\/p>\n Stewart Center has 22% vacancy rate out of its 12 retail spaces, which includes tenants such as UPS, Satel\u2019s menswear, Sorrento Pizza & Restaurant and Fifi & Fidos Pet Boutique. There are also 45 office suites upstairs for small businesses and individual operators.<\/p>\n Headwall and Fifth Corner plan to give the building\u2019s facade a \u201cmuch-needed\u201d face-lift and upgrade the office spaces within the next year.<\/p>\n \u201cThere haven\u2019t been many improvements since an addition was added in the \u201970s,\u201d\u00a0Wommack said. \u201cWe want to give it a clean, modern look, while embracing historical attributes of the property.\u201d<\/p>\n They also hope to attract new name-brand tenants in the retail space, including fitness businesses, coffee shops or clothing stores, to draw traffic throughout the day.\u00a0<\/p>\n \u201cThere are a lot of tenants that want to be in this submarket, but it can be challenging to find the space and the right landlord that will give them a meaningful budget for tenant improvement expenses,\u201d Wommack said. \u201cSo the main thing we\u2019re bringing to the market is space and the right money to build out if they can establish a best-in-class operation.\u201d<\/p>\n Headwall recently launched its own development arm and is actively searching for sites for possible retail growth. The company has renovated buildings in neighborhoods around downtown, such as Tobin Hill<\/a> and Monte Vista, and is looking to fill several single-family houses along the St. Mary\u2019s Strip<\/a> with restaurants and stores.<\/p>\n","protected":false},"excerpt":{"rendered":"An Alamo Heights shopping center has been acquired after nearly 100 years of family ownership. Local real estate…\n","protected":false},"author":2,"featured_media":234934,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[82,84,83],"class_list":{"0":"post-234933","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-san-antonio","8":"tag-san-antonio","9":"tag-san-antonio-headlines","10":"tag-san-antonio-news"},"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/234933","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/comments?post=234933"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/posts\/234933\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media\/234934"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/media?parent=234933"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/categories?post=234933"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/us-tx\/wp-json\/wp\/v2\/tags?post=234933"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}