San Pedro Village, a strip center located in the heart of San Antonio, recently changed hands. This property, held by the seller for twenty years, was sold to a large regional buyer with assets across multiple Southern states. 

The Foresite team was hired to fill vacancies, firm up the rent roll, and get the property management books in order for the sale. The team secured several leases at the center including an attractive letter of intent (LOI) for the vacant suite, which would bring the center to 100% occupancy. However, the buyer preferred to keep the space vacant for their own targeted tenant plans, as the space had much potential for future occupancy.

As the property was being prepared for sale, issues with the underground plumbing were discovered, adding to the complexity of finding a resolution for a smooth closing. Through open communication and a shared commitment to resolving the issue, they managed to align their interests and find a solution that satisfied all involved, with the assistance of the very experienced property management team at Foresite.

This transaction highlights the importance of an experienced team of specialists working together to overcome obstacles during property transactions. San Pedro Village now begins a new chapter under its new ownership.