Hartman vREIT XXI, Inc. (“vREIT XXI”) completed its acquisition of all of the interests in Village Pointe (“the Property”) on February 8, 2017. Village Pointe is owned by Hartman Village Pointe, LLC, originally a joint venture co-owned by vREIT XXI and Hartman XX Limited Partnership (“Hartman XX”).
Village Pointe is a 54,246 square foot shopping center located on the feeder of US Highway 281, between Brook Hollow Boulevard and Thousand Oaks, in San Antonio. Built in 1982 and renovated in 2015, Village Pointe has impressive infill demographics that include a population of nearly 233,000 and an average household income of approximately $93,000; both within a five-mile radius. The Property is located within five miles of San Antonio International Airport via US Highway 281. Village Pointe boasts superior visibility with over 500 feet of highway frontage, a large monument sign and a daily vehicle count of approximately 168,000 along US Highway 281.
Village Pointe was 92% leased, as of January 31, 2017, to a diverse blend of national and local tenants including SA Bike World, a cycling sales and service retailer; Top Brass, a retailer of tactical apparel and accessories; and ABDEP, an optical retailer. All of the tenant leases for Village Pointe are triple-net leases.
“The addition of Village Pointe’s remaining interest to vREIT XXI’s portfolio allows us to continue adding value to shareholders while also offering a diverse range of solutions to retail tenants in the San Antonio market,” said Al Hartman, CEO.
John Taylor and Kelsey Roop with HFF represented the seller in the transaction; David Wheeler, Russell Turman, and Julian Kwok represented the buyer, Hartman Village Pointe, LLC.