NewQuest Properties has acquired the institutional-quality HQ Shopping Center in northwest San Antonio from an Illinois-based real estate trust.
The top-performing center, totaling 116,404 sf, is located at 6001 NW Loop 410 in the Alamo City’s strongest retail corridor. The class A project is fully leased for the long term to Best Buy, Ross Dress for Less, Bed Bath & Beyond and Petco.
“Rarely does the opportunity arise to buy a stabilized asset of this caliber with a mix of tenants that are common to the NewQuest roster. We know this asset will perform well for years to come,” says Jay Sears, managing partner and co-founder of the Houston-based brokerage firm.
HQ Shopping Center was developed in 1994 on 12.7 acres and expanded in 2007 to make room for Petco. The infill site boasts significant frontage along Loop 410 just east of the Ingram Road exit. A five-broker team from CBRE represented the seller in direct talks with NewQuest.
NewQuest’s new holding is part of a larger power center, Ingram Festival, which boasts 220,000 sf of national retail brands. Close by is Simon Property Group’s Ingram Park Mall. In all, more than 1.5 million sf of retail is located at the Loop 410-E-Ingram Road interchange, a going-home route leading to densely developed master-planned communities. The five-mile trade area is home to nearly 373,000 residents.
Loop 410 is San Antonio’s most heavily traveled thoroughfare. More than 400,000 vehicles per day have an unobstructed view of HQ Shopping Center from the freeway.